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The
average new home price across 100 cities rose 0.25% on month in
May, following a 0.27% gain in April, the data from real estate
researcher China Index Academy showed on Saturday.
China's property sector, a pillar of the economy, has lurched
from one crisis to another since 2021 after a regulatory
crackdown on high leverage among developers triggered a
liquidity crisis.
The government is struggling to boost home sales or increase
liquidity by taking a series of stimulus and easing measures.
China announced "historic" steps in mid-May to stabilise the
sector, with the central bank easing mortgage rules and
facilitating 1 trillion yuan ($140 billion) in extra funding,
and local governments committing to buying apartments.
Investors hoped the measures marked the beginning of more
decisive government intervention to boost homebuyer demand and
slow falling prices.
"After the implementation of the new policy, the number of
visits to some core city projects has increased, but it will
still take time from the increase in house viewings to a pickup
in transactions," said China Index Academy in the survey report.
"Looking to the future, the pace of market recovery still
depends on changes in residents' income expectations."
(Reporting by Shanghai and Beijing Newsrooms; Editing by Tom
Hogue)
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