BEIJING :China’s new home prices rose in January at the fastest monthly pace in nearly 2-1/2 years, according to a survey released on Thursday, following a slew of government support measures and expectations of further relaxation in homebuying policies.
Average prices across 100 cities grew for a fifth consecutive month, with the January month-on-month gain of 0.15 per cent outpacing the 0.1 per cent increase in December, according to Chinese real estate research firm China Index Academy. It was the fastest rise since a 0.2 per cent gain in August 2021.
The number of cities with month-on-month price growth stood at 49 in January, up from 47 in December.
China’s property market ended last year with the equal worst monthly decline in new home prices in nearly nine years at 0.4 per cent in December, according to Reuters calculations based on official data.
Over the past year, the world’s second-largest economy has been introducing policies to help revive the industry and restore buying sentiment. This week, two major cities, Shanghai and Suzhou, followed Guangzhou in easing home-buying curbs.
A state-backed property project also received the first development loan under a so-called whitelist mechanism, according to reports in state media.
Market activity may pick up after the Feb. 10 to 17 Lunar New Year holidays, according to the research firm. Source: Reuters