China new home prices rise at slower pace in May
2023.06.14 22:03
© Reuters. FILE PHOTO: Residential buildings are pictured near a construction site in Beijing, China April 14, 2022. Picture taken April 14, 2022. REUTERS/Tingshu Wang
BEIJING (Reuters) – China’s new home prices rose for the fifth straight month in May, but at a slower pace, according to official data on Thursday, as the government looks to shore up the crisis-hit property sector.
New home prices in May rose 0.1% month-on-month, slower than a 0.4% gain in March, according to Reuters calculations based on National Bureau of Statistics (NBS) data.
Prices rose for the first time since April 2022 in annual terms, up 0.1% from a 0.2% drop in April.
Beijing’s broad-based stimulus measures to prop up the embattled property market since late last year had boosted sentiment in the wake of the abrupt end of COVID-19 curbs in December. But the sector is expected to grapple with “persistent weakness” for years, Goldman Sachs (NYSE:) analysts said this week, adding its problems would continue to drag on economic growth.
