BEIJING, April 6 (Xinhua) -- China's secondary housing market started to recover in the first quarter amid loosening credit and regulatory policies, according to a report by the Beike Research Institute.
In the first quarter, sales of previously owned homes in 50 cities rose by nearly 7 percent from the previous quarter, while sales in March saw a month-on-month increase of more than 40 percent, according to the report.
The market recovery has been uneven with the Yangtze River Delta region seeing stronger growth momentum, the report noted, attributing the improvements to falling mortgage rates and supportive policies from local governments.
In the second quarter, sales of secondary homes will continue to increase due to easing lending policies and more support from local authorities, the report added.
In this year's government work report, China reiterated the principle of "housing is for living in, not for speculation," vowing to keep land prices, housing prices and market expectations stable.
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