BEIJING, Nov 11 — China’s property investment continued to slow in the first 10 months of this year, state-media reported today.
Real estate investment rose two per cent year-on-year to 7.88 trillion yuan (US$1.24 trillion) from January to October, Xinhua News Agency quoted data from the National Bureau of Statistics.
It said growth was 0.6% point slower than that registered in the first three quarters.
Xinhua said investment in residential housing, which accounted for about two-thirds of total property investment, climbed 1.3% from a year earlier, compared with a growth of 1.7% in the first nine months.
It said new housing construction stood at 1.27 billion sq m, down 13.9% year-on-year, with construction of new residential houses dropping 14.7% by floor area.
It said the NBS data showed that sales of residential property went up 7.2% year-on-year, 0.3% point lower than that recorded in the January to September period.
China’s property market took a downturn last year due to weak demand and a surplus of unsold homes.
The cooling has continued this year, with both sales and prices falling and investment slowing.
It said China has moved to combat the slowdown, easing down payment requirements for home purchases, while some local governments have rolled back their restrictions on home purchases.