China's new home prices stagnate in January as property sector struggles

BEIJING, Feb 19 (Reuters) - China's new home prices were unchanged month-on-month in January, official data showed on Wednesday, suggesting the crisis-hit property sector is still grappling to find stability, despite continued government efforts to prop up the market.

That was the same as a flat figure in December, according to Reuters calculations based on National Bureau of Statistics data. On a year-on-year basis, new home prices fell 5.0%, narrowing a 5.3% drop the previous month.

Policymakers in the second half of last year ramped up efforts to support China's property market, which fell into a slump in 2021.

The crisis in the sector, triggered by a government-led campaign to rein in property developers' leverage, left many unable to repay debt and complete presold housing units. Home sales have tumbled and confidence sagged.