China H1 property investment grows 6.1% y-o-y
[HONG KONG] China's real estate investment rose 6.1 per cent in the first half of 2016 from the same period a year earlier, while the property sales area increased 27.9 per cent, official data showed on Friday.
Investment growth, reported by the National Bureau of Statistics (NBS), slowed from an increase of 7 per cent in the first five months.
Increase in property sales area was down from 33.2 per cent in January-May.
Real estate investment, which directly affects about 40 other business sectors in China, is considered to be a crucial driver for the economy, which saw its slowest growth last year in a quarter of a century.
A flurry of government stimulus measures have started to turn the ailing sector around, but rapid price gains in some of the country's biggest cities have fanned fears of a bubble and prompted some local governments to tighten mortgage lending requirements.
Huge inventories of unsold homes also continue to weigh on prices in smaller cities.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co