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China’s Jan new home prices rise for first time m/m since Sept -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A lady rides by a Beijing residential complex in Tongzhou, China on February 25, 2016. REUTERS/Jason Lee

BEIJING, (Reuters) – China’s home prices increased for the first month in a row since September, according to official data. This was due to efforts of authorities by softening the impact from strict regulatory restrictions on the sector.

The average price of a new house in China’s major cities increased 0.1% per month in January, compared to a drop of 0.2% in December according to Reuters calculations based upon data provided by the National Bureau of Statistics.

The January increase in new home prices was 2.3% compared to the previous year. This is slower than December’s 2.6% rise.

China’s property sector, which accounts for about a quarter in gross domestic products according to certain metrics, has seen a slowdown due to Beijing’s push to lower leverage within the sector, amid defaults by heavily-indebted parties such as China Evergrande Group.

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