China 2016 property investment rises 6.9% y-o-y, sales jump to 7-year high

Beijing

CHINA'S real estate investment rose 6.9 per cent in 2016, official data showed on Friday, as national sales posted their strongest annual growth in seven years thanks to a furious property boom in top-tier cities.

Real estate investment, which directly affects about 40 other business sectors in China, is considered to be a crucial driver for the economy. China's economy expanded 6.7 per cent in 2016, meeting expectations, official data showed on Friday.

But analysts take divergent views on whether the red-hot property market will remain a major growth driver in 2017, given that authorities implemented a series of buying and ownership restrictions in hot markets to prevent a sudden cor…