China's new home sales rose sharply in March, as a slew of support policies boosted a pickup in demand across the board in 14 surveyed cities, a private survey showed on Monday.
The sales of new homes rose 55.7% month-on-month, up from growth of 31.9% in February, according to data from the China Index Academy — one of the country's largest independent real estate researchers.
The data will be welcome news for the sector, once the pillar of China's economic growth, but which was crushed by several crises since mid-2021, including developers' debt defaults and stalled construction of pre-sold housing projects.
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