More signs of a recovery in Chinese property: developers surveyed by China Confidential, an FT research service, reported a surge in activity in April. Of 300 surveyed in 40 cities nationwide, 55 per cent reported an increase in sales from the previous month, taking the China Confidential Home Sales Index to 66.9 (a reading above 50 indicates growth).
Growth came from an already high base in March, when developers reported a sharp uptick in sales following the Chinese new year holiday. Significantly, this is the first time that the index has stayed above 60 for two consecutive months since China Confidential began its survey in December 2012.
Momentum appears to have been sustained into May. Home sales in 42 cities increased 37 per cent year-on-year in the first five days of this month, according to local property bureau data tracked by China Confidential.