China’s new home prices up in Dec for 4th straight month – survey

BEIJING(Reuters) – China’s new home prices rose for the fourth straight month in December, a private survey showed on Monday, buoyed by a slew of government support measures.

Prices rose 0.1% on average in December from the previous month after rising 0.05% in November, according to the survey by real estate research firm China Index Academy.

The property sector has stumbled from one crisis to another in recent years in a major blow to consumer and investor confidence.

Authorities have announced several measures to try to revive the housing market. In November, Beijing and Shanghai relaxed home purchase restrictions, including by lowering the minimum deposit ratio for purchases of first and second homes.

Analysts, however, think home buyers’ sentiment is too weak for the measures to have a long-term impact.

(Reporting by Liz Lee and Liangping Gao; Editing by Neil Fullick)