Chinese housing prices surged in March, with 100 cities across the country recording their highest him prices over the past nine months, a private survey revealed on Saturday. This comes as the Chinese government continues to support efforts to increase demand in large and midsize cities.
Data from the China Index Academy showed that prices rose by 0.02% in March after February’s flat reading. The firm added that 41 Chinese cities reported housing price increases, compared to just 26 in February.
“Growth in Chinese contracted property sales value turned positive in January-February 2023 on the back of an increase in average selling price, but a sustainable recovery of the property sector remains uncertain,” Moody’s said in a research note addressing the recent uptick in prices.
Extensive COVID lockdowns as a result of the government’s zero-COVID policy meant that many developers were unable to finish construction projects. While sales have rebounded since the zero-COVID policy was dialed back in December, consumer confidence has not yet been restored to its highest levels.