China's new home prices grow at fastest rate in two years

Beijing

NEW home prices in China grew at their fastest pace in more than two years in May, a private survey showed, signalling the recovery of a crucial sector in the world's second-largest economy.

After fuelling much of China's spectacular growth in recent decades the property market has been in the doldrums for the last two years, with new buyers priced out despite government borrowing restrictions reining in soaring costs.