BEIJING, April 1 (Reuters) - Prices of new homes in 100
Chinese cities rose at the fastest pace in nine months in March,
a private survey showed on Saturday, as government support
measures helped demand pick up in large and midsize cities.
New home prices rose 0.02% from the previous month after a
flat reading in February, the fastest rise since June, according
to data from the China Index Academy, one of the country's
largest independent real estate researchers.
In March, 41 cities reported increases, up from 26 in
February, the firm said.
The property sector, which accounts for a quarter of China's
economy, was badly hit last year as many developers could not
finish projects, leading mortgage boycotts by some buyers.
COVID-19 lockdowns and movement controls also hurt buyer
sentiment.
Sales have rebounded in major cities in recent weeks, as
homebuyers return after Beijing abandoned its zero-COVID policy
in December, but consumer confidence remains fickle.
China is counting on a pipeline of pent-up demand to power
its real estate rebound, but there are questions on the strength
of a post-reopening rebound.
"Growth in Chinese contracted property sales value turned
positive in January-February 2023 on the back of an increase in
average selling price, but a sustainable recovery of the
property sector remains uncertain, " Moody's said in a research
note.
(Reporting by Liangping Gao and Ryan Woo; Editing by William
Mallard)
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