5月全国70城房价除了上海，没一个能打的，更猛的政策在路上？

Core Viewpoint - The recent housing price data from the National Bureau of Statistics indicates a significant downturn in the real estate market of first-tier cities in China, raising doubts about the effectiveness of policy stimuli aimed at stabilizing the market [1][11]. Group 1: Housing Price Trends - In May, the new housing prices in Beijing and Shenzhen decreased by 0.4%, while Guangzhou saw a decline of 0.8%, indicating a downward trend in the new housing market [4]. - Year-on-year comparisons show that new housing prices in Beijing, Shenzhen, and Guangzhou fell by 4.3%, 2.6%, and 5.8% respectively, suggesting that the first-tier cities are still in a downward trajectory [4]. - The second-hand housing market is even more concerning, with Guangzhou experiencing a significant drop of 6.6% year-on-year, while Beijing's decline remained under 1% [5]. Group 2: Shanghai's Unique Position - Shanghai's new housing prices increased by 0.7% month-on-month and 5.9% year-on-year, making it an outlier among first-tier cities where most are experiencing price declines [6]. - Despite Shanghai's resilience in new housing prices, its second-hand housing market showed a month-on-month decline of 0.7%, indicating a potential weakening of upward momentum [8]. Group 3: Policy Stimuli and Market Response - Recent government discussions emphasize the need for stronger measures to stabilize the real estate market, with proposals to lift restrictions on housing purchases in cities like Beijing and Shanghai [11][16]. - The effectiveness of these policies may be limited, as the overall market confidence remains low, particularly in cities like Guangzhou, which struggles to attract new buyers [15][16]. - Suggested measures include relaxing purchase restrictions in major cities and utilizing special bonds to buy back existing housing stock to alleviate inventory pressures [16].