Reuters reports that data released by the National Bureau of Statistics showed that new home prices in China grew at the fastest pace in eight months in April, despite the government's ramped-up efforts to tame the market and tackle an alarming build-up in debt.

Average new home prices in 70 major cities grew 0.6% in April from a month earlier, the quickest pace since August 2020 and a notch up from a 0.5% gain in March. On a year-on-year basis, growth in new home prices rose to an eight-month high of 4.8%, compared with 4.6% in March.

First- and second-tier cities continued leading monthly price growth, with new home prices in those cities rising an average of 0.6% month-on-month in April.

Real estate, a vital source of growth for China's economy, has bounced back quickly from the COVID-19 crisis. But a relentless rise in home prices in big cities, which is now spilling over into nearby smaller ones, has raised concerns about overheating.

The NBS data showed 62 cities reported monthly gains, unchanged from the tally in March.

Separate NBS figures showed China's real estate investment rose 21.6% in the first four months of the year, slowing from 25.6% in the first quarter, amid increased scrutiny of developers to prevent rampant debt growth.