April property investment 10.1 yy vs 2.4 in March
Sales by value 46.6 yy vs 26.17 yy in March
China mortgage loan rate cut may have limited impact analyst

BEIJINGHONG KONG, May 16 Reuters China39;s property sales in April fell at their fastest pace in around 16 years as COVID19 lockdowns further cooled demand despite more policy easing steps aimed at reviving a key pillar of the world39;s secondlargest economy.

Property sales by value in April slumped 46.6 from a year earlier, the biggest drop since August 2006, and sharply widening from the 26.17 fall in March, according to Reuters calculations based on data from the National Bureau of Statistics NBS released on Monday.

Property sales in JanuaryApril by value fell 29.5 yearonyear, compared with a 22.7 decline in the first three months.

A further cut in mortgage loan interest rates for some home buyers announced by Chinese authorities on Sunday did little to convince investors and analysts that it could revive sluggish property demand.

The sector, a major economic growth driver, has been in a severe slump since last year after the authorities clamped down on excessive borrowing by developers, spooking many wouldbe home buyers who feared projects would not be completed.

More than 80 cities have taken steps to boost demand since the beginning of the year, including subsidies, reductions in mortgage rates and smaller down payments.

However, the property outlook has remained bleak amid protracted COVID19 curbs in…