BEIJING, Jan 3 Reuters Chinese newhome sales rose more than 20 yearonyear over the threeday New Year holiday starting from Dec. 31, due to promotions, support policies taking effect and the gradual release of pentup demand after high COVID19 cases.

Among 22 cities selected by the China Index Academy, the average daily floor area of homes sold rose 27.1 from last year39;s holiday season.

Home buyers39; visits to housing showrooms increased in some cities, said the academy. Pentup demand due to the impact of the epidemic in December was released during the New Year39;s holiday after the infection passed its peak in some cities.

The firm also said major cities such as Beijing and Shanghai saw a rise in sales compared with last year39;s New Year holiday but sentiment remained at low level in most small cities.

Compared with last year39;s holiday season, home sales rose 80 in Beijing, 74 in Shanghai and 131.5 in Guangzhou.

China39;s property market crisis worsened in 2022, with official data showing home prices, sales and investment all falling in recent months, putting more pressure on the faltering economy.

Policymakers have ramped up support for the industry in a bid to relieve a longrunning liquidity squeeze that has hit developers and delayed completion of many housing projects, further undermining buyers39; confidence. The moves included lifting a ban on fundraising via equity offerings for listed property firms.

Newhome prices in the 100 Chinese cities…