China new home sales rise sharply in March: Survey

The sales of new homes rose 55.7 percent month-on-month, up from growth of 31.9 percent in February, according to data from the China Index Academy. (Shutterstock)
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Updated 03 April 2023
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China new home sales rise sharply in March: Survey

BEIJING: China's new home sales rose sharply in March, as a slew of support policies boosted a pickup in demand across the board in 14 surveyed cities, a private survey showed on Monday. 

The sales of new homes rose 55.7 percent month-on-month, up from growth of 31.9 percent in February, according to data from the China Index Academy — one of the country's largest independent real estate researchers. 

Tier-one cities — including the nation's capital Beijing and the commercial hub of Shanghai — rose the fastest, jumping 73 percent last month. Sales in tier-two cities and tier-three cities grew 54.7 percent and 28.6 percent, respectively. 

The data will be welcome news for the sector, once the pillar of China's economic growth, but which was crushed by several crises since mid-2021, including developers' debt defaults and stalled construction of pre-sold housing projects. 

Policymakers in the country had introduced a comprehensive bailout package at the end of last year to propel sales and enable project completions, which helped improve the sentiment. 

Real estate developers gained 2.4 percent on Monday. 

The industry has also seen some gradual recovery in recent weeks, as homebuyers look to make a return after Beijing abandoned its stringent "zero-COVID" policy in December. 

Local governments, too, continued to ease property curbs or roll out stimulus policies to improve buyers' sentiment. The southeastern city of Xiamen relaxed home-buying curbs, allowing more residents to purchase properties. 

Prices of new homes in 100 Chinese cities rose at the fastest pace in nine months in March, a separate survey by the researcher showed on Saturday. 


Saudi Arabia launches skills framework to support mining, industrial growth 

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Saudi Arabia launches skills framework to support mining, industrial growth 

JEDDAH: Saudi Arabia has launched a new skills framework for the mining and industrial sectors to standardize job roles and support workforce development. 

The initiative was unveiled by Minister of Industry and Mineral Resources Bandar Alkhorayef on the sidelines of the Global Labor Market Conference 2026, according to Al-Eqtisadiah. 

The framework is intended to help employers, job seekers and training providers better navigate labor demand in mining and industry, as Saudi Arabia accelerates investment in manufacturing, minerals processing and related value chains under Vision 2030. 

“This is, in fact, a tool which ensures clear definitions of occupations and their required skills. It will cover more than 500 job roles, detailing the necessary skills, responsibilities, and titles,” Alkhorayef said during a discussion panel at the event. 

The Ministry of Industry and Mineral Resources said the initiative — known as the Industry & Mining Occupations & Skills Framework — will serve as a national reference for occupations and skills in mining and industry. 

The framework is designed to achieve a set of strategic objectives that support human capital development in the industrial and mining sectors. It aims to strengthen workforce planning, training programs, and career pathways, while supporting informed decision-making. 

Covering more than 500 industrial occupations, over 300 professional specialties, 600 skills, and 900 professional certifications, the framework sets standardized job titles, descriptions, and skill requirements to support recruitment, performance, and competitiveness. 

For each occupation, a profile is developed, outlining the code, job titles, and descriptions, as well as other information such as key tasks, educational qualifications, and required skills.

These profiles give employees clarity on roles, career pathways, and accredited credentials, while helping job seekers match their qualifications with suitable roles and focus on targeted skill development. 

The framework, published by the ministry, runs to nearly 3,200 pages and was developed through collaboration with the General Authority for Statistics, alongside government bodies, private sector organizations and academic institutions. 

The launch comes as Saudi Arabia’s mining push gains momentum after new surveys of the Arabian Shield showed the Kingdom’s mineral resources are larger than previously estimated. 

Official estimates have jumped by about 90 percent to roughly SR9.37 trillion ($2.5 trillion), up from around SR5 trillion in 2016, strengthening the case for further mining investment and skills development.