A tentative sign of stability in China's property market: the rate of deflation in new home prices held steady last month, breaking a multi-month trend of deterioration.
New home prices in 70 cities fell by an average 6.1 per cent year-on-year last month, based on calculations by Reuters from official data published by China's National Bureau of Statistics. In April, they had also deflated at a record pace of 6.1 per cent. Records go back to 2011.
Because of a high base from early last year, the year-to-year drops are looking stark. The index has been deflating for eight months now.
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