BEIJING: Prices of new homes in China climbed at their slowest pace in five months in June, a private survey showed on Monday, with a recent major government package of support measures for the country's ailing property sector having only a limited impact so far.
The average price for new homes across 100 cities edged up 0.15 per cent month-on-month in June, weaker than a 0.25 per cent gain in May, according to data from property researcher China Index Academy.
The value of new home sales at China's top 100 real estate companies slid 41.6 per cent in January-June from the same period a year ago, it also said.
In May, Chinese authorities unveiled what they called a historic support package for the property sector that has been hit hard by a liquidity crunch since 2021 with many firms defaulting on debt.
The package further cut downpayment requirements and removed the floor for mortgage rates. Local governments can also now instruct state-owned firms (SOEs) to purchase completed unsold apartments from property developers and convert them into social housing.
The China Index Academy data also showed the average price of second-hand homes across 100 cities fell 0.73 per cent in June from a month earlier, the 26th straight month of declines.