BEIJINGHONGKONG, Oct 8 Reuters China39;s average daily home sales during the Golden Week holiday leapt 23 by floor area from the same period last year, boosted by improved market sentiment after the government39;s support policies, a survey by the China Index Academy showed on Tuesday.

The market, in a slump since 2021 after a string of cashstrapped developers defaulted on loans, got a lift from stimulus measures announced by the government just days before the weeklong National Day holidays began.

Sales rose the most in 10 smaller tierthree cities, rising 69, among the 25 cities surveyed between Oct. 1 and 7. Tierone cities reported an 18 increase in sales.

However, the property market is still grappling with deeply indebted developers, large inventories of new homes and unfinished projects, lacklustre buyer confidence and a strained financial system.

When accounting for the additional two days from last year39;s MidAutumn Festival, which fell close to the Golden Week holidays, home sales recorded a 27 decline.

Ahead of the weeklong public holiday commencing Oct. 1, the central bank unveiled a stimulus package, including a cut in the minimum down payment ratio to 15 for all housing categories and an impending cut in mortgage rates for existing home loans.

At the end of September, Guangzhou became the first toptier city to lift all restrictions on home purchases. BeijingShanghai and Shenzhen also relaxed curbs on purchases by nonlocal buyers.

Statebacked Vanke…