China's new home prices rise in January for first time in a year
BEIJING :China's new home prices rose in January for the first time in a year, official data showed on Thursday, as the end of the zero-COVID regime, favourable property policies and market expectations for more stimulus measures boosted demand.
Prices dropped 1.5 per cent year-on-year, falling for the ninth consecutive month, in line with the 1.5 per cent year-on-year decline in December. The property sector, once an engine of the world's second-largest economy, has been hobbled by fragile demand and developers' mounting debt defaults.
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