Property investment continues to slow
Investment in China’s property sector, once a major growth engine, continued to slow in the first three quarters of this year, official data showed.
Real estate investment rose 2.6 percent year-on-year to 7.05 trillion yuan ($1.1 trillion) from Jan to Sept, the National Bureau of Statistics (NBS) announced. The growth was 0.9 percentage point slower than in the first eight months and down by 2 percentage points from the first half.
Investment in residential housing, which accounts for about two-thirds of total property investment, climbed 1.7 percent from a year earlier, compared with growth of 2.3 percent in the first eight months and 2.8 percent in the first half.
China’s property market took a downturn in 2014 due to weak demand and a surplus of unsold homes. The cooling has continued into 2015, with both sales and prices falling and investment slowing.