Salem Radio Network News Thursday, June 1, 2023


China new home prices rise at slower pace in April

BEIJING (Reuters) – China’s new home prices rose for the fourth straight month in April but at a slower pace, official data showed on Wednesday, as government efforts to stabilise the sector lifted sentiment after the country’s abrupt exit from COVID curbs late last year.

New home prices in April edged up 0.4% month-on-month from a 0.5% gain in March, according to Reuters calculations based on National Bureau of Statistics (NBS) data.

Prices fell 0.2% year-on-year, the 12th month of decline in annual terms. Prices were down 0.8% year-on-year in March.

Beijing’s aggressive stimulus policies to the crisis-hit property sector since November last year have boosted sentiment over the past few months. But uncertainty over the strength of the revival lingers amid an overall patchy economic recovery.

(Reporting by Liangping Gao, Qiaoyi Li and Ryan Woo; Editing by Jacqueline Wong)


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