Economics
China Home Sales Rise in 1st Quarter Defy Intensified Curbs
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China’s housing sales value rose 26 percent in the first quarter as homebuyers increased their purchases even as the government stepped up its measures to curb speculation. Property stocks climbed to a one-year high.
The value of homes sold increased to 860.7 billion yuan ($132 billion) from a year earlier, the Statistics Bureau said today, driving overall property transactions 27 percent higher to 1.02 trillion yuan. The amount was released separately from home prices after the government in January changed the way it reports housing price data in 70 cities.