BEIJING (Reuters) – China's new home prices rose at a faster pace in August, a private survey showed on Sunday, as the beleaguered property sector tries to recover from a slump in the wake of a slew of supportive policies.
The average price of new homes across 100 cities rose 0.11% from July, down from the previous month's rise of 0.13%, according to data from property researcher China Index Academy.
China's real estate sector, a mainstay of the economy, has lurched from one crisis to another since 2021, when easing rules on high-end acquisitions by developers created a cash crunch.
A series of stimulus and simplification measures from domestic policy makers have struggled to boost sales or raise revenue.
In August 35 cities reported higher home prices, down from 38 in July.
“Overall, as (the real estate industry enters) the traditional peak period of 'Golden September and Silver October', real estate developers may increase their efforts to promote sales,” China Index Academy said.
“With the continued implementation and effective implementation of supportive policies, market activity in the main cities is expected to recover slightly in the short term,” it said.
