Analysts said the data contained signs of an early recovery in the property sector, key to revival of the world’s third-largest economy. Beijing’s 4 trillion yuan ($585 billion) stimulus plan relies mostly on government-led infrastructure investment, but it also is meant to mobilize private-sector investment in sectors such as real estate.
“The government measures to improve affordability have had a very big impact,” said Michael Klibaner, head of China research at Jones Lang LaSalle, a real-estate-services company. “Between lower interest rates, lower transaction costs and lower down-payment requirements, affordability has improved enough that the number of people that can participate in the market has increased a lot. To us, that means that this recovery can last more than a month or two and will be more sustainable.”