China Feb new home prices rise at fastest pace since July 2021

BEIJING : China's February new home prices rose at the fastest pace since July 2021, official data showed on Thursday, as Beijing's move to reopen the economy and supportive property sector policies boosted demand.

New home prices in February edged up 0.3 per cent month-on-month from a 0.1 per cent gain in January, according to Reuters calculations based on National Bureau of Statistics data released on Thursday. In annual terms, prices fell 1.2 per cent for the 10th straight month. Prices shrank 1.5 per cent in January on an annual basis, with the rate of decline unchanged from December.

Beijing's doubling down on policy support for the ailing property sector since November last year has revived market sentiment. Analysts say a pick-up in home sales, notably in first-tier cities, is a positive sign but believe more stimulative policies are needed for a broader-based recovery.

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