BEIJING (Reuters) – China’s new home prices were flat in March from the prior month, official data showed on Wednesday, as soft demand persisted despite the government’s extensive policy support for the property sector.
New home prices were unchanged month-on-month, compared with a 0.1% dip in February, according to Reuters calculations based on National Bureau of Statistics data.
On a year-on-year basis, new home prices fell 4.5%, compared with a 4.8% drop the previous month.
Policymakers have in recent months repeatedly pledged to stabilise the debt-stricken property sector, as they seek to fuel growth in an economy pressured by heightening trade tensions with the United States.
Once a major growth driver, China’s housing sector entered a prolonged downturn in 2021, with many developers defaulting on their debts and consumer confidence sinking.
(Reporting by Liangping Gao, Yukun Zhang and Ryan Woo; Editing by Jacqueline Wong)
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