Transaction volume in China’s real estate sector saw an overall decline of 5% on a monthly basis in Jun, marking the third consecutive monthly decline, according to a report on property markets among 50 Chinese cities issued by the CRIC Research Center.

Specifically, property sold in first-tier cities by area decreased 20% YoY and 8% on a monthly basis, among which only Shenzhen experienced a growing transaction volume on a monthly basis. Property sold in second-tier cities, third-and-fourth tier cities by area saw a slide of 6% and 2% on a monthly basis, and an increase of 23% and 14% YoY, respectively.

CRIC believes that the sales increase in Shenzhen is attributed to the exceedingly low transaction base in May, after Shenzhen underwent a successive sales decrease since Dec, 2015. On the other hand, a decrease in transaction volume among first-tier cities stems from stringent property purchase rules and a continuous skyrocketing prices.

Similarly, although inventories in second-tier cities continue to taper off, consumers tend to the wait-and-see attitudes against the soaring home prices.

Among the 29 tracked third-and-fourth tier cities, Shaoguan and Jinjiang enjoyed a significant increase in transaction volume out of favorable local policies such as reduction in down payment and offering of subsidies. On the flip side, about half of the 29 cities experienced a decrease over 10% on a monthly basis, still bearing a large pressure of de-stocking.

Equally important, an increasing number of land kings at premium land plots emerged at record high prices, namely a total of 69 in May and 205 in the first half year of 2016, mainly concentrating in dominant first-and-second tier cities.

COFCO Property paid a premium of 235.62% for a residential plot in Shanghai’s Pudong New Area on Jun 29, accounting for 2.44 billion yuan for the 56,886.6 square meters’ land.