China's new home prices rise for second month in October: Survey

China's new home prices rose for a second straight month in October, private-sector data showed on Wednesday (Nov 1), but analysts say more supportive measures will be needed in major cities to sustain the recovery.

China's new home prices rose for a second straight month in October, private-sector data showed on Wednesday (Nov 1), but analysts say more supportive measures will be needed in major cities to sustain the recovery.

Prices rose 0.07 per cent on average month-on-month, widening an increase of 0.05 per cent in September, according to a survey by China Index Academy, a real estate research firm.

New-home sales measured by floor area fell around 10 per cent in October, narrowing a 20 per cent slump the previous month, the firm said.

While the property recovery is still fragile, China Index Academy said support policies have increased with more steps expected, including easing home purchase curbs and reducing down payment ratios, mortgage rates and transaction taxes in some major cities.