China new home prices rise in March

New home prices in China rose at the fastest pace in more than two and a half years in March versus a month earlier, a private survey showed on Monday, driven by a slew of supportive steps to prop up the crisis-hit property sector, reports Reuters. The average new home price across 100 cities rose 0.27% on month in March, the biggest rise since July 2021, showed data from real estate researcher China Index Academy. That compared with a 0.14% on-month gain in February.

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.

A series of stimulus and easing measures from local policymakers have struggled to boost sales or increase liquidity.