New home sales among major Chinese developers increased in February after a 19-month slump as the country emerged from tough COVID-19 restrictions, and supportive measures lured homebuyers back to the market, reports the South China Morning Post. The sales value accrued by the top 100 home builders rose by an annual 14.9% in February to RMB 461.6 billion ($66.5 billion), according to a report released by the China Real Estate Information Corp on Tuesday.
“With the relaxation of COVID-19 restrictions and the recovery of supply, the whole property market is [starting to rebound],” the report said.
It was the first time the property sector had seen year-on-year growth since July in 2021, when many of China’s biggest builders including Evergrande Group and Sunac China Holdings plunged into a liquidity crisis.