Prop­erty in­vest­ment con­tin­ues to slow

China Daily (Canada) - - NEWS CAPSULE -

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.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.