CHINA’S new home prices rose for a second straight month in October, private-sector data showed yesterday, but analysts say more supportive measures will be needed in major cities to sustain the recovery.

Prices rose 0.07% on average month on month, widening an increase of 0.05% 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% in October, narrowing a 20% slump a month ago, 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.

The weakness in the property sector, once a pillar of the world’s second-biggest economy, has prompted a slew of measures introduced by the government in recent months to reassure investors and homeowners.

China vowed to satisfy all developers’ reasonable financing needs regardless of ownership, with equal treatment, according to a central financial work conference that concluded Tuesday, a twice-a-decade policy meeting.        (SD-Agencies)