On an annual basis, home prices rose 10.7 per cent in April, picking up from a 10.6 per cent gain in March.New-home sales by value surged 18.1 per cent last month, the fastest pace since July, data released Wednesday showed.April retail sales and industrial output data
That leaves the property sector"as the single most important driver of the Chinese economy", said Larry Hu, head of Chinese economics at Macquarie Securities.Lifting curbs risks stoking a buying frenzy that pushes prices out of reach of many people, while leaving restrictions in place could tank one of the few sectors propping up the economy, making it harder for the government to reach its gross domestic product growth target.
Most of the price gains appeared to have been driven by growth in China's four top-tier cities - Beijing, Shanghai, Shenzhen and Guangzhou. Collectively, they rose 0.6 per cent from a month earlier, quickening from a 0.2 per cent gain in March, NBS said in a statement accompanying the data.
Source: News Formal (newsformal.com)
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