China Prop Weekly:Negative YoY seen in Tier-1cities,slower YoY growth for Tier-23cities

　　Weekly sales down 24.5% WoW and 2.4% MoM, and up 15.8% YoY

　　During the week of 2-8 May 2016, sales volume in 33 major cities was recorded at 5.476msqm, down 24.5% WoW. Weekly sales (for 33 cities) were down 2.4% MoM and up 15.8% YoY. As a reference, YoY growth has slowed from 62% (for 34 cities) in April. Moreover, growth in Tier-1 cities turned negative (from +2% YoY in 4M16) and slower growth was seen in Tier-2/3 cities. Sales volume in May MTD is down 5.0% MoM (33 cities) and up 25.4% YoY (32 cities). For the YTD, sales in 29 cities rose 52% YoY. The ASP last week in 30 cities was up 17% YoY to RMB14,226psqm.

　　Sales volume in Tier-1 cities down 26.5% WoW

　　Sales volume in Tier-1 cities decreased 26.5% WoW to 788ksqm during the week. Sales volume in Tier-1 cities was up 1.7% MoM and down 23.6% YoY. For May MTD, total sales volume in Tier-1 cities was -3.3% MoM and -16.1% YoY to 0.94msqm. YTD sales volume in Tier 1 cities was up 16% YoY. The ASP in Tier-1 cities last week was RMB29,836psqm, up 35% YoY.

　　Sales volume in Tier-2 cities down 27.4% WoW

　　During the week, sales volume in Tier-2 cities was down 27.4% WoW (14 cities) to 3.3msqm. Tier-2 cities’ sales volume was down 7% MoM and up 38% YoY (14 cities). For May MTD, sales volume in Tier-2 cities was down 8% MoM (14 cities) and up 49% YoY (14 cities) to 3.9msqm. YTD sales volume in Tier-2 cities was up 75% YoY. The ASP in Tier-2 cities last week was RMB14,128psqm, up 23% YoY.

　　Sales volume in Tier-3 cities down 15.0% WoW

　　For Tier-3 cities, sales volume was down 15.0% WoW (15 cities) to 1,352ksqm. Sales volume in Tier-3 cities was up 8% MoM (15 cities) and up 6% YoY (15 cities). For May MTD, sales volume in the 15 Tier-3 cities was up 3% MoM to 1.6msqm and up 12% YoY (14 cities) to 1.5msqm. YTD sales volume in 13 Tier-3 cities was up 46% YoY. The ASP in Tier 3 cities last week was RMB9,522psqm, down 2% YoY.

　　Sales volumes in Tier-2 and Tier-3 cities by region

　　1) Yangtze River Delta - Tier-2 cities: Weekly: 0.7msqm (-31% WoW); May MTD: 0.9msqm (-19% MoM, +26% YoY); YTD: 15.8msqm (+90% YoY). Tier-3 cities: Weekly: 636ksqm (-2% WoW); May MTD: 0.7msqm (+19% MoM, +54% YoY); YTD: 8.9msqm (+42% YoY). 2) Guangdong and Fujian Province region - Tier-2 cities: Weekly: 173ksqm (-45% WoW); May MTD: 0.2msqm (-8% MoM, +51% YoY); YTD: 2.4msqm (+51% YoY). Tier-3 cities: Weekly: 308ksqm (-33% WoW); May MTD: 0.4msqm (-18% MoM, -12% YoY); YTD: 7.4msqm (+85% YoY). 3) Western region - Tier-2 cities: Weekly: 335ksqm (-26% WoW); May MTD: 0.4msqm (-8% MoM, +8% YoY); YTD: 3.1msqm (+9% YoY). 4) Central - Tier-2 cities: Weekly: 789ksqm (-25% WoW); May MTD: 0.9msqm (-6% MoM, +52% YoY); YTD: 13.5msqm (+66% YoY). Tier-3 cities: Weekly: 157ksqm (-21% WoW); May MTD: 185ksqm (+8% MoM, -33% YoY). YTD: 3.6sqm (+3% YoY). 5) North-eastern region - Tier-2 cities: Weekly: 1.3msqm (-24% WoW); May MTD: 1.5msqm (-3% MoM, +85% YoY); YTD: 14.8msqm (+97% YoY). Tier-3 cities: Weekly: 96ksqm (-15% WoW); May MTD: 112ksqm (+11% MoM, +8% YoY). YTD: 999ksqm (+27% YoY).