China new home prices unchanged in June, weakest this year


BEIJING (Reuters) – China’s new home prices were unchanged in June, the weakest result this year, official data showed on Saturday, as broad efforts have not revived the crisis-hit property sector with recovery waning in the world’s second-biggest economy.

The flat result from a month earlier was below May’s 0.1% gain, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Prices were also unchanged from a year earlier, retreating from a 0.1% increase in May.

The central government, local governments and regulators have announced a slew of policies over the past year to prop up the property sector, which accounts for one-fourth of China’s economic activity.

Measures have ranged from extended financial support for developers to multi-pronged incentives for home buyers. But the uncertain economic outlook and persistent weakness in the sector have dented confidence and home demand, dampening hopes for any quick revival.

(Reporting by Qiaoyi Li, Liangping Gao and Ryan Woo; Editing by Kim Coghill and William Mallard)

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