China's Jan-Sept property investment rises 8.8% y/y – Reuters
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BEIJING, Oct 18 (Reuters) – China’s property investment rose 8.8% in the first nine months of 2021 from a year earlier, slowing from 10.9% growth seen in January-August, official data showed on Monday.
Property sales by floor area rose 11.3% in January-September, according to data from the National Bureau of Statistics, compared with a 15.9% jump seen in the first eight months.
New construction starts measured by floor area fell 4.5% from a year earlier, versus a 3.2% drop in the first eight months.
Funds raised by China’s property developers grew 11.1%, slower than the 14.8% rise seen in the first eight months.
China’s property market, a key driver of economic growth, is under growing pressure as more debt-laden developers struggle to avoid defaults and home sales weaken. Authorities have also stepped up efforts this year to curb rising home prices. (Reporting by Liangping Gao and Kevin Yao; Editing by Jacqueline Wong)
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