A mild recovery in the housing market has relieved some pressure on the struggling Chinese economy. Home prices in China rose for a fifth consecutive month in September.
The sector, which accounts for 15% of GDP, has become a source of hope in an economy that is predicted to grow at its slowest pace in 25 years this year.
Average new home prices increased 0.3% in September from August. The same pace as in August.
Economists at ING have announced that such a revival in new home starts could signal property to become an economic growth driver again next year, boosting demand for construction materials from cement to steel.
New research by GlobalData’s MEED has shown that the commercial value of construction contracts issued in the Gulf Cooperation Council (GCC) fell by more than 50% in the first eight months of 2020 compared to the same period in 2019.