BEIJING :China's new home prices rose for the fifth straight month in May, but at a slower pace, official data on Thursday showed, as the government looks to shore up the crisis-hit property sector.
The slower rise in home prices adds to strains on the sector, which is struggling to stabilize and has been losing recovery momentum in recent weeks. However, prices rose slightly for the first time since April 2022 in annual terms, up 0.1 per cent last month after a 0.2 per cent drop in April. China's central bank cut the borrowing cost of its medium-term policy loans for the first time in 10 months on Thursday.
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