China's Home Prices Edge Up Amid Policy Support

The pace of new home price increases in China accelerated in November as various policies aimed at supporting the beleaguered property market took effect. Prices rose 0.36% across 100 cities. Policymakers have implemented tax breaks and eased purchase restrictions to revive the critical sector.

New home prices in China witnessed a faster rise in November, according to a private survey released on Sunday. The survey attributes this uptick to supportive policies targeting the struggling property market.

Data from the China Index Academy showed a 0.36% increase in average prices across 100 cities, compared with October's 0.29%. Year-on-year growth also climbed to 2.40% from 2.08% in October. Official figures are anticipated from China's statistics bureau on Dec. 16.

The real estate sector, which represented about a quarter of economic activity at its 2021 peak, has dragged on the economy. In response, Chinese policymakers introduced measures to boost market sentiment and affordability, such as tax incentives and lower down payment requirements.

(With inputs from agencies.)