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China home prices stabilise after falling for seven months

China’s new-home prices were stable in February compared with January, ending seven consecutive months of declines as government measures to shore up the struggling real estate sector showed signs of taking effect. 

The average price of new homes in the 100 major Chinese cities remained unchanged at 16,174 yuan ($2,322) per square meter last month, improving from a 0.02% decline in January, according to data in a March report from China Index Holdings Ltd., a property consultant. 

New-home prices in first-tier cities such as Beijing and Shanghai continued to climb slightly month-on-month, while prices in smaller second-tier cities such as Chengdu and Changsha ended their recent declines and rose 0.01%. 

China began taking a series of steps to support the real estate market last year through measures like relaxing restrictions on home buyers and providing easier access to funds for developers to complete stalled projects. 

Following years of explosive growth that helped make China the world’s second largest economy, the country’s property market began slumping in mid-2021 after Beijing took steps to curb excessive borrowing, depriving builders of funds.

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