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Housing inventories dip in major cities

Housing inventories in China's major cities dropped 8.2 percent year-on-year in May as sweeping destocking measures kicked in, latest industry data showed. The floor space of unsold new homes in 100 major Chinese cities decreased to 427.08 million square meters, a level last seen in March 2012, according to figures released by the property research agency E-house China R&D Institute. A total of 73 surveyed cities registered inventory declines, with the coastal city of Dalian in Northeast China's Liaoning province shedding 53 percent of unsold houses in the largest drop.