China's new home prices in March rose 0.6 per cent from a month earlier, accelerating from 0.5 per cent growth in February, Reuters calculated from National Bureau of Statistics (NBS) data published on Tuesday. From a year earlier, average new home prices in China's 70 major cities increased 10.6 per cent in March, up from the 10.4 per cent gain a month earlier.
Home prices in China are expected to rise more this year than predicted just a few months ago, a recent Reuters poll showed, as Beijing urges banks to ramp up lending and lower interest rates to support economic activity. Resilience in the property market would provide some cushion for China's economy as sectors such as manufacturing and retail are hit by trade war tensions and weak consumer confidence.
(With inputs from agencies.)