0633 GMT - China's national home sales and prices extended their softening trend in May, while construction and investment figures remained sluggish, Daiwa analyst William Wu writes in a note. Premier Li Qiang's pledge for stronger efforts to stabilize the property market may lift investor sentiment in the near term, Wu says. The nationwide residential property sales value fell by 6.1% on-year in May to CNY625 billion. Nationwide housing new starts declined further by 18.2% on-year in May, further exacerbating pressure on the pipeline for new launches. This may weigh on new home sales in 2H, Daiwa says. While the property market performance softened in 2Q, Premier Li Qiang pledged stronger efforts to ensure the sector stops declining at a State Council meeting last Friday, a positive sign. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
June 17, 2025 02:33 ET (06:33 GMT)
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