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China’s new home prices accelerated in January as low inventory raised fear of missing out (FOMC) among the buyers despite widening restrictions.

The National Bureau of Statistics figures showed Tuesday, new home prices in 70 major cities, excluding state-subsidized housing, rose 0.28% last month from December, per Bloomberg.

Additional details

Values in the secondary market, which faces less government intervention, gained 0.37%, the fastest in 18 months.

Buyer enthusiasm has persisted in the face of stricter curbs imposed in some large cities last month, as available housing stock continued to fall.

In the four biggest cities, inventory was equivalent to just eight months of sales at the end of January, the lowest since at least 2019, according to China Real Estate Information Corp. 

Earlier on, Bloomberg reported, citing a front-page report published in Economic Information Daily, the Chinese domestic economy is steadily improving, creating conditions for the normalization of monetary policy in 2021.

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