China's Jan-July property investment down 8.5% y/y

BEIJING : Property investment in China fell 8.5 per cent in the first seven months from the same period a year earlier, after sliding 7.9 per cent in January-June, according to data from the National Bureau of Statistics on Tuesday.

Property sales by floor area in China declined 6.5 per cent in January-July from a year earlier, compared with a 5.3 per cent fall in the first six months, official data showed on Tuesday, amid still-weak demand and a deepening debt crisis. New construction starts measured by floor area fell 24.5 per cent year-on-year, after a 24.3 per cent drop in the first six months.

Funds raised by China's property developers were down 11.2 per cent on year after a 9.8 per cent slide in January-June. China's property debt crisis has deepened amid an absence of strong policy support, adding to woes for the faltering economic recovery.

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