BEIJING, Jun. 8 -- Property sales in China's major cities of Beijing, Shanghai and Shenzhen dropped in May, with house prices declining as well, the Economic Information Daily reported Tuesday, citing data from a real estate brokerage.
Sales volume of new properties in Beijing in May fell by 50 percent from the previous month to 9,639 units, while the number of properties resold hit 14,501, a decrease of 58.5 percent, according to the real estate brokerage Century 21 and bjfdc.gov.cn.
Sales volume of the city's new residential properties fell by 47.8 percent to 6,360 units in May, while the number of homes resold dropped 58.8 percent to 13,545 units.
Shanghai witnessed its secondhand home transactions dive 69 percent from April, and decrease in this sector in Shenzhen was 24.1 percent month-on-month, according to Century 21.
Meanwhile, statistics from China Index Academy show that among the 30 cities it tracks, 29 met a decline from April, and house prices fell in most of the cities, with Beijing and Shanghai declining more than 10 percent.