BEIJING, Feb 20 (Reuters) - New home sales in 16 Chinese
cities rose for the third straight week, a private survey showed
on Monday, as the end of Beijing's zero-COVID policy and more
support measures stabilised demand.
Sales by floor area, were 7.9% greater during Feb. 12-18
than in the previous seven days, said China Index Academy, one
of the country's biggest independent real estate research firms.
For Feb. 5-11, weekly growth was 40.9%.
Sales growth in the cities in recent weeks mirrored the
slight rise in national home prices, adding to evidence that the
sector, accounting for around a quarter of the economy, is
stabilising though the recovery remains patchy.
However, the slowdown in the pace of sales growth was due to
a reduction in transactions in first-tier cities, the data
showed. Sales in Shanghai fell 20.2% in Feb. 12-18 compared with
a 103.8% gain the previous week.
Local governments have relaxed curbs on homebuyers and
property developers to boost demand and stimulate sales,
including lowering mortgage rates and supporting firms'
financing. Some cities have also relaxed rules requiring
developers to list only finished homes for sale.
(Reporting by Liangping Gao and Ryan Woo; Editing by Jacqueline
Wong)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.