- NEWS Desk Global
CHINA NEW HOME PRICES TICK UP IN SEPTEMBER, ENDING FOUR-MONTH DECLINE
China's new home prices rose slightly in September, breaking a four-month decline, data showed on Sunday, as developers sped up launches to take advantage of a recent slew of support measures. Prices rose 0.05% on average from the previous month after falling since May, according to a survey by China Index Academy, a real estate research firm. Only 30 of the 100 cities surveyed reported a fall in new home prices.
The biggest month-on-month increase since October 2021 driven by developers launching new, higher quality housing projects. Confidence in the property sector, which accounts for one-fourth of economic activity, has been hit since 2021 when Beijing cracked down on debt accumulation by developers, fuelling a debt crisis. Deepening problems in the sector this year have dragged on the world's second-biggest economy and rattled global financial markets.