BEIJING : China's real estate investment in January-September fell 8.0 per cent from the same period a year earlier, official data showed on Monday, worsening from the 7.4 per cent decline seen in the first eight months of the year.
Property sales by floor area dropped 22.2 per cent in the first nine months from a year earlier, according to data from the National Bureau of Statistics, compared with a 23.0 per cent slump in the first eight months of the year. New construction starts measured by floor area fell 38 per cent in January-September from a 37.2 per cent drop in the first eight months of the year.
Funds raised by China's property developers dropped 24.5 per cent, down from 25.0 per cent growth in January-August. Beijing has rolled out a slew of stimulus policies to prop up the distressed property sector, including the relaxation of the floor on mortgage rates for first-time buyers in some cities. Demand, however, has remained fragile as a debt crisis in the sector and COVID-19 curbs weigh on confidence.