China May housing data: First-tier cities +0.2% MoM on new home prices. Shanghai, Guangzhou, Shenzhen all up 0.2-0.4%. Beijing down 0.2%.

Stabilization continues but still fragile. Watch for follow-through in Q2 sales volumes and developer liquidity. Property remains a key swing factor for Chinese consumer confidence and broader macro recovery.

Relevant for $BABA $JD $PDD and China ADRs — domestic demand still needs more runway.