China’s property investment falls 10.2% YoY in 7 months

China’s property investment fell 10.2 per cent year-on-year to reach 28,761.1 billion yuan ($4.03 trillion) in the first seven month of 2024, following a 10.1 per cent drop in the first half.

Property sales by floor area also dropped by 18.6 per cent year-on-year, while new construction starts fell by 23.2 per cent.

Funds raised by property developers tumbled 21.3 per cent year-on-year, indicating persistent challenges in the sector.

The Chinese government has implemented a series of measures to bolster the property market, including reducing buying costs and lowering mortgage rates. However, these efforts have yet to yield significant results.

Attribution: Reuters

Subediting: Y.Yasser