China's new home prices rose in March at the fastest pace in 21 months, official data showed on Saturday, as continued government policy support helped prop up demand amid a broader push for an economic recovery.
New home prices in March edged up 0.5% month-on-month after a 0.3% rise in February, marking the fastest pace since June 2021 and the third consecutive monthly rise, according to Reuters calculations based on National Bureau of Statistics data.
The property sector, accounting for roughly a quarter of China's economy, was hit hard last year as a regulatory crackdown on developers' high debt levels snowballed into a financing crunch, stalling construction on housing projects. Some buyers boycotted mortgage repayments, further weakening consumer sentiment amid tough COVID restrictions.
Household loans, mostly mortgages, jumped to 1.24 trillion yuan in March from 208.1 billion yuan in February, with medium- to long-term household loans rising to 634.8 billion yuan from 86.3 billion yuan in February, according to Reuters' calculations based on central bank data. Analysts say it is still too early to tell whether the nascent property recovery will be sustained, due to uncertainty over consumer confidence.
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