Chinese land sales volume fell 24% Y/Y in May in tier-1 cities, 20% in tier-2, and 37% in tier-3, says research firm CREIS. The data comes two weeks after CREIS reported Chinese home prices fell M/M for the first time since June '12.
Also: 1) A SouFun (SFUN -5.1%) survey indicates a 19% M/M and 45% Y/Y May drop in land sale transactions across 300 Chinese cities, even though May is a seasonally strong month. 2) A survey of 2014 Chinese home buyers (involved 28K households) suggests only 20% are first-time buyers, down from 48% in 2012.
Prof. Gan Li, who handled the latter survey: "The era of Chinese real estate industry being driven by first-time homebuyer demand is over ... The market is going to be driven by investment and improvement in demand that is sensitive to price."