China’s property investment drops 10.1% y/y in January-June
2024.07.14 23:41
BEIJING (Reuters) – Property investment in China fell 10.1% in the first half of 2024 from a year earlier, matching a figure in January-May, suggesting the sector is still not out of the woods despite mounting policy support.
Property sales by floor area in January-June fell 19.0% from a year earlier, deeper than a 20.3% slump in January-May, National Bureau of Statistics (NBS) data showed on Monday.
New construction starts measured by floor area fell 23.7% on year, after a 24.2% drop in the first five months.
Funds raised by China’s property developers were down 22.6% from a year earlier after a 24.3% fall in January-May.
Although recent measures are expected to boost demand in major cities, small cities continue to grapple with excessive housing inventory and lukewarm consumption sentiment, underlining a pressing need for more stimulus to revive local economies.
