BEIJING - China’s property investment stayed buoyant in September, boosted by a rise in new construction activity, underlining hopes that resilience in the sector will help cushion a broader slowdown in the world’s second-largest economy.
Property investment is a significant growth driver for China. A robust real estate market at home, propped up by elevated home prices, has offered policymakers some relief as factories struggle to land new orders from abroad amid Beijing’s bruising trade war with the United States. New construction starts measured by floor area in September quickened to a 6.7% rise from a year earlier, versus August’s 4.9% gain, Reuters calculations showed.
Weak factory activity, exports and a deeper contraction in producer prices last month have added to worries that China’s downturn will raise the risk of a global recession. Funds raised by China’s real estate developers increased 7.1% from a year earlier in the nine-month period, higher than a 6.6% rise in January-August, official data showed.
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