May 16, 2019 / 1:36 AM / 9 months ago

China April new home prices rise 0.6% m/m, 10.7% y/y

BEIJING, May 16 (Reuters) - China’s new home prices in April rose 0.6% from a month earlier, unchanged from the pace of growth in March, Reuters calculated from National Bureau of Statistics (NBS) data published on Thursday.

From a year earlier, average new home prices in China’s 70 major cities increased 10.7% in April, up from 10.6% growth a month earlier.

China’s property market has seen a recent resurgence as some local governments loosened restrictions on home purchases to boost economic activity, while Beijing’s call for banks to ramp up lending and lower interest rates has also lifted investor confidence.

Resilience in the property market will provide some cushion for China’s economy as sectors such as manufacturing and retail are hurt by a trade war with the United States and weak consumer confidence. (Reporting by Beijing Monitoring Desk Editing by Shri Navaratnam)

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