New home prices in China grew at a solid pace in April as Beijing sought to boos...
BEIJING - New home prices in China grew at a solid pace in April as Beijing sought to boost economic activity in the face of an escalating trade war with the United States, though potential bubble risks may prompt some cities to tighten policies.
Average new home prices in China’s 70 major cities rose 0.6% in April, unchanged from the pace of growth in March, according to Reuters calculation of data released by the National Bureau of Statistics on Thursday. Chinese banks throttled back new lending in April after a record first quarter that sparked fears of more bad loans, but the central bank is widely expected to roll out more measures to support the economy after an unexpected flare-up in trade tensions with the United States earlier this month.
The solid home price growth contrasts with surprisingly weak April retail sales and industrial output data, adding pressure on Beijing to roll out more stimulus as the trade war with the United States escalates.But the government’s push for banks to step up support for struggling smaller companies and shore up the economy could actually work against its pledge to flush out property speculators.
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