China’s long-suffering real estate sector expanded for the first time in seven quarters, the National Bureau of Statistics reported on Wednesday, as the end of pandemic restrictions brought growth to all major industries, reports Nikkei Asia. Gross domestic product data by industry shows real estate rising 1.3% on the year for the January-March period. This follows declines for six consecutive quarters amid government measures aimed at suppressing a housing bubble.
After restricting debt-laden developers’ access to new borrowing, provincial and national governments have taken steps to support the housing market, such as reducing payments.
New investment in property development fell in the January-March quarter, but sales of newly built homes increased as measured by floor space.