China's April home prices pick up, rise 0.5% m/m

China's new home prices rose at a slightly faster pace in April, data showed on Monday, adding to signs the country's property market is slowly recovering as coronavirus lockdowns are eased. Average new home prices in China's 70 major cities rose 0.5% in April from the prior month, following a 0.1% increase in March, Reuters calculated based on official data.

On an annual basis, home prices picked up 5.1% in April, compared with March's 5.3% rise. Although most regions have lifted transport curbs, property sales and buyer demand remains under pressure in some cities as authorities maintained restrictions following new clusters of infections.

Beijing has reiterated its strict stance against hot money flows into the property market, even as the economy emerges from its first contraction since at least 1992.