China's property market recovering from deep slump

Hong Kong

CHINA'S slowdown, which has cast a shadow over the global economy and worried investors around the world, stems in part from a deep slump in its crucial property market.

Now that slump appears to be easing, as construction cranes return in some cities and real estate offices in some of the best neighbourhoods fill up again with buying customers.

Prices for new homes in the country's biggest cities are rising sharply, led by the southern boomtown of Shenzhen, where prices jumped a staggering 62 per cent in March, compared with the same period a year earlier, according to official data released on Monday.

The real estate resurgence comes as growth across the rest of the economy is slowing, providing a welcome and significant boost. Some economists estimate …