China’s home sales rose for a third month in April, adding to signs of a recovery.
The improvement suggests government measures to support the real estate industry, a crucial component of the world’s second-largest economy, are having a positive effect.
China’s economic recovery depends on a lasting rebound in housing. Economists are becoming more bullish about China’s growth outlook partly as the property market bottomed out, with several major banks raising their 2023 projections close to 6% or higher, well above the government’s target of around 5%.
The country is benefiting from pent-up consumer demand after the pandemic.