The prices of new homes in China edged higher in March, in a sign that demand is beginning to return to a property market hit hard by the impact of the coronavirus.
Average prices across 70 major cities rose 0.1 per cent in March from a month earlier, according to Reuters calculations based on National Bureau of Statistics data. In February, prices were flat compared to the previous month for the first time in five years.
China’s property market, which accounts for an estimated quarter of the country’s economy, has come under intense pressure from the fallout of the coronavirus, with sales of both residential and commercial real estate falling sharply.
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