Mar 31, 2023
China Home Sales Continue to Rise in Latest Sign of Recovery
(Bloomberg) -- China’s home sales rose for a second month in March, according to a private data provider, signaling a recovery after policymakers expanded support for the sector.
The value of new home sales by the 100 biggest real estate developers climbed 29.2% from a year earlier to 660.9 billion yuan ($96.1 billion), according to preliminary data Friday from China Real Estate Information Corp. That compares with a 15% rise in February, when the market posted its first increase in 20 months.
Investors and potential buyers have been gauging China’s housing recovery after early signs of a stabilization in the first two months of the year. Guotai Junan International Holdings Ltd. chief economist Zhou Hao said market transactions were “very flat” from February to March and below consensus.
Separate data out Friday showed China’s economic recovery gathered pace in March. Gauges for manufacturing, services and construction activity remained strong, boosting the growth outlook for this year.
--With assistance from Jing Li and Rebecca Choong Wilkins.
©2023 Bloomberg L.P.