China's new home prices bottomed in Jan after 8-month fall: surveys

Hong Kong

CHINA's new home prices may have bottomed and even started to rebound in January after eight months of decline, industry surveys showed, fuelling hopes that official data due on Tuesday will confirm a recovery in the massive property market.

Signs that some developers are starting to raise prices in major cities follow the central bank's surprise rate cut in November and its decision to lower lenders' reserve requirements earlier this month, as it tries to revitalise an economy growing at its slowest rate in more than two decades.