Apartment buildings are pictured in Wuqing district in Tianjin, China October 10, 2016. REUTERS/Jason Lee/File Photo
BEIJING — Real estate investment in China fell 8.5% in the first seven months from the same period a year earlier, after falling 7.9% in January-June, Bureau data shows. National Statistics (NBS) on Tuesday.
Property sales by floor space in China fell 6.5% in January-July from a year earlier, compared with a 5.3% drop in the first six months, official data showed on Tuesday, in a context of still weak demand and worsening debt crisis.
READ: China’s June property sales fall at fastest clip this year
New construction starts as measured by floor area fell 24.5% year-on-year, after falling 24.3% in the first six months.
Funds raised by Chinese property developers fell 11.2% year on year after falling 9.8% in January-June.
READ: Contagion fears spread as liquidity crunch in China’s real estate sector deepens
China’s housing debt crisis has deepened in the absence of strong political support, adding to the woes of the faltering economic recovery.
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