© Reuters. FILE PHOTO: Residential buildings are pictured near a construction site in Beijing, China April 14, 2022. Picture taken April 14, 2022. REUTERS/Tingshu Wang/File Photo
BEIJING (Reuters) – China’s new home prices were unchanged in June, the weakest result this year, official data showed on Saturday, as broad efforts have not revived the crisis-hit property sector with recovery waning in the world’s second-biggest economy.
The flat result from a month earlier was below May’s 0.1% gain, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Prices were also unchanged from a year earlier, retreating from a 0.1% increase in May.
The central government, local governments and regulators have announced a slew of policies over the past year to prop up the property sector, which accounts for one-fourth of China’s economic activity.
Measures have ranged from extended financial support for developers to multi-pronged incentives for home buyers. But the uncertain economic outlook and persistent weakness in the sector have dented confidence and home demand, dampening hopes for any quick revival.
