China's new home prices in January rise 0.3% from a month earlier

New home prices in China grew at a faster pace in January, driven by red-hot demand in the country's megacities despite the government's cooling measures. China's property market recovered quickly from the COVID-19 crisis last year, mostly in bigger cities.

Reuters | Beijing | Updated: 23-02-2021 11:35 IST | Created: 23-02-2021 07:08 IST
China's new home prices in January rise 0.3% from a month earlier
Representative image. Image Credit: Pixabay

New home prices in China grew at a faster pace in January, driven by red-hot demand in the country's megacities despite the government's cooling measures. Average new home prices in 70 major cities increased 0.3% in January from a month earlier, versus a 0.1% gain in December, according to Reuters calculations based on data released by the National Bureau of Statistics.

On a year-on-year basis, new home prices rose 3.9%, quickening from a 3.8% rise in December. China's property market recovered quickly from the COVID-19 crisis last year, mostly in bigger cities. But the rebound has raised concerns about financial risks and policymakers have since then tightened screws on the funneling of funds into the sector.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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