China’s new home prices stalled for a second straight month in March, official data showed on Friday, as growing Covid-19 lockdowns dampened consumer confidence and weighed on demand.
Average new home prices in China’s 70 major cities remained unchanged month-on-month in March, the same as in February, according to Reuters calculations based on data released by the National Bureau of Statistics (NBS).
On a year-on-year basis, new home prices rose 1.5%, the slowest pace since November 2015, with the pace easing from a 2.0% rise in February.
Over 60 cities have relaxed curbs on home purchases to support the ailing property market this year, after Beijing’s campaign to reduce developers’ high debt levels pushed the sector into a deep chill in the second half of 2021.
- Reuters, with additional editing by George Russell