BEIJING, Feb 27 (Reuters) - China's new home sales rose
sharply in February from a slump in the previous month, buoyed
by a rise in demand in small and medium-sized cities after the
scrapping of COVID curbs and supportive property policies, a
private survey showed on Monday.
New home sales by floor area in 16 selected Chinese cities
rose 31.9% month-on-month in February, compared with a fall of
34.3% in January, according to China Index Academy, one of the
country's largest independent real estate research firms.
China's property sector has been grappling with a severe
liquidity crisis last year - initially triggered by government
moves to rein in ballooning debt - with many developers
defaulting on or delaying debt payments and falls in sales.
While policymakers have since rolled out supportive measures
for the sector since late November, the sector has seen a
near-term recovery in sales amid slow economic growth.
In monthly terms, home sales rose 63.8% in tier-three
cities, up 43.9% and 5.0% in tier-two cities and tier-one
cities, respectively, said the firm.
Total new home inventory among seven cities selected by the
academy fell 1.00% from a month earlier. Mega cities Shenzhen
and Beijing saw inventory declines of 4.89% and 3.01%,
separately.
(Reporting by Liangping Gao and Ryan Woo; Editing by Louise
Heavens)
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