(Bloomberg) -- Has China’s property market hit bottom? Not quite yet, according to May data, and to the National Bureau of Statistics, which said easing measures will need more time to take effect. 

New home prices fell for the 12th month, and the month-over-month measure was the worst in almost a decade.

The declines registered in 67 of China’s 70 cities, the most to see falling prices since 2015. The slump was especially severe in lower-tier cities.

From January through May, year-over-year property investments fell by the most on record other than during the earliest days of the Covid pandemic. 

There are also doubts about how much a small rate cut would help, given liquidity remains high. The Interbank 7-day repo rate is currently near its lowest level since January, based on a 10-day moving average.

NOTE: Ernest Tsang is a market content producer for Bloomberg TV. The observations are his own and not intended as investment advice. For more markets analysis, see the MLIV blog.

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