(MENAFN) Chinese home prices soared for three months in a row ending July, driven by boosted sales, average new home prices rose 0.3 per cent in July from June.
Reports showed that even a modest recovery in a sector that represents 15 percent of China's GDP is a welcome boost for an economy heading for its weakest progress in 25 years.
Property sales bottomed out during the first six months, after decreasing for more than a year, supported by governmental measures, like interest rate cuts and lesser down payment requirements.
In comparison with last year, home prices still fell 3.7 percent in July, easing from the previous month's 4.9 per cent drop, as declared by latest reports.
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