China April home sales up as property market stabilises

Beijing

CHINA'S home sales rose for the first time this year in April after interest-rate cuts and a reversal in property curbs boosted demand. New-home sales jumped 16 per cent to 485.4 billion yuan (S$103.7 billion) last month from a year earlier, according to Bloomberg calculations based on data the National Bureau of Statistics released on Wednesday.

The 4.8 per cent decline in the sales volume in the January-to-April period narrowed from 9.2 per cent in the first quarter, showing "signs of a recovery" as developers added more supply after stimulus measures, according to a statement on the bureau's website.