Property prices recover in May as demand rises

Bullish stock market generates wealth, fuels renewed enthusiasm for home purchases

The average new home prices in China edged up month-on-month in May, ending a 12-month losing streak and fueling hope that the market has bottomed out.

New home prices rose in 20 of the 70 cities tracked by the government, the National Bureau of Statistics said on Thursday, compared with 18 in April. That translated into a 0.06 percent month-on-month gain in the national average, compared with a 0.12 percent decline in April, based on calculations by The Wall Street Journal.