*CHINA MARCH NEW HOME PRICES RISE AT FASTEST PACE IN 21 MONTHS 🇨🇳🇨🇳
BEIJING -China's new home prices rose in March at the fastest pace in 21 months, official data showed on Saturday, suggesting the market is out of the doldrums amid a flurry of support policies, but there is uncertainty on the strength of the momentum.
"The housing price index shows a trend of stabilization and recovery, fully indicating the overall real estate is out of last year's trough," said Yan Yuejin, an analyst at the Shanghai-based E-house China Research and Development Institution.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.
The increase in house prices was broad-based among all city tiers which all extended their month-on-month gains. Last month, more than 50 cities introduced stimulus policies or relaxed some property rules, including subsidies, more housing provident funds and easing home purchase curbs.
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