BEIJING (Reuters) – Property investment in China fell 8.5% in the first seven months from the same period a year earlier, after sliding 7.9% in January-June, according to data from the National Bureau of Statistics (NBS) on Tuesday.
Property sales by floor area in China declined 6.5% in January-July from a year earlier, compared with a 5.3% 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% year-on-year, after a 24.3% drop in the first six months.
Funds raised by China’s property developers were down 11.2% on year after a 9.8% 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.
(Reporting by Liangping Gao, Ella Cao and Ryan Woo. Editing by Sam Holmes and Lincoln Feast)
