CHINA’S new home prices rose for the fourth straight month in December, a private survey showed yesterday, buoyed by a slew of government support measures.

Prices rose 0.1% on average in December from the previous month after rising 0.05% in November, according to the survey by real estate research firm China Index Academy.

China’s real estate sector is key for the country’s economic growth outlook, as it accounts for about 20% of the country’s gross domestic product after including related industries.

Authorities have announced several measures to try to revive the housing market. In November, Beijing and Shanghai relaxed home purchase restrictions, including by lowering the minimum deposit ratio for purchases of first and second homes and by changing the definition of so-called non-luxury homes.

The government has signaled stronger support to ease developers’ funding woes. China’s vice housing minister earlier last month pledged to avoid a cascade of debt defaults. In November, authorities created a draft list of developers eligible for bank support and may allow lenders to offer them unsecured loans for the first time, people familiar have said. (SD-Agencies)