Pursuits
China March Home Sales Surge in Property Investment Rebound
- Real estate investment up 6.2 percent in the first quarter
- Value of homes sold climbed to 869.8 billion yuan in March
China’s Property Sector Helps Spur Economy
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China’s real estate investment staged a comeback with surging home sales, helping to stabilize economic growth in the first quarter. The credit-fueled rebound may be short-lived after some top cities imposed measures to cool the property market.
The value of homes sold jumped 71 percent in March to 869.8 billion yuan ($134.1 billion) in the biggest year-on-year increase since at least 2015, according to Bloomberg calculations based on statistics bureau data released on Friday. Investment in real estate development climbed 6.2 percent in the first quarter from a year earlier, extending the increase from the first two months when it reversed a two-year falling streak.