China's property investment, sales slow in first ten months

2017-11-14 07:29:57 GMT2017-11-14 15:29:57(Beijing Time) Xinhua English

BEIJING, Nov. 14 (Xinhua) -- Both investment and sales inChina's property sector slowed in the first 10 months as the marketremained cool amid government policies to curb speculation.

Real estate investment rose 7.8 percent year on year inJanuary-October from the same period last year, down from 8.1percent in the first three quarters, according to the NationalBureau of Statistics (NBS).

Investment for residential properties, which accounts for 68.3percent of total investment in the sector, rose 9.9 percent year onyear.

Property sales in terms of floor area climbed 8.2 percent,retreating 2.1 percentage points from the January-September level,NBS data showed.

By the end of October, 602.58 million square meters of propertyremained unsold, down by 8.82 million square meters from a monthearlier.

Chinese authorities have been stepping up efforts to rein inproperty speculation this year after rocketing housing pricesfueled asset bubble concerns, particularly in major cities.

Dozens of local governments have passed or expanded restrictionson house purchases and increased the minimum down payments requiredfor mortgages.

The property market was also cooled by relatively tightenedliquidity conditions as the government moved to contain leverageand risk in the financial system.

In September, new residential housing price saw slower growth in15 major cities compared with the same month last year, accordingto the NBS. Meanwhile, of 70 cities surveyed, home prices in 44cities rose month on month, compared with 46 in August. Enditem

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