China's Dec property prices rise amid crisis recovery efforts

January 01, 2025 (MLN): Prices of new homes in China rose at a slightly faster pace in December, according to a private survey released on Wednesday.

This comes as the crisis-hit property sector struggles to find a bottom, despite a slew of supportive government policies, as Reuters reported.

The average price of new homes across 100 cities edged up 0.37% from a month earlier, compared with the 0.36% rise in November, according to data from property researcher China Index Academy.

On a year-on-year basis, the average price rose 2.68% in December, versus 2.40% growth in the previous month, Reuters further added.

Official data for home prices will be released by China's statistics bureau on January 17.

China's policymakers in recent months doubled down on their efforts to revive the sector, which crashed in 2021 after a government-led campaign to rein in indebted developers left them severely cash-strapped.

Since September, measures aimed at encouraging home buying have included cutting mortgage rates and minimum down payments, as well as tax incentives.

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