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China’s new home prices growth steady, supports economic recovery

BEIJING (Reuters) – New home prices in China rose at a slightly faster monthly pace in August, as consumer demand showed signs of picking up in a boost to an economy recovering from the coronavirus crisis.

FILE PHOTO: Residential buildings are seen in Beijing, China, January 10, 2017. REUTERS/Jason Lee/File Photo

Average new home prices in 70 major cities climbed 0.6% in August from a month earlier, a touch better than a 0.5% increase in July, according to Reuters calculations based on data released by the National Bureau of Statistics on Monday.

On an annual basis, home prices rose 4.8% in August, matching July’s pace.

The property market has been a major driver in China’s economic recovery, with home sales and investment growing at a robust pace in recent months after coronavirus lockdowns were lifted.

Yet policymakers remain wary about the risks of overheating, long one of the key balancing

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