China October property investment slows further

Beijing

ANNUAL growth in real estate investment in China slowed further in October while sales cooled slightly, pointing to persistent weakness in the property market that could continue to drag on the broader economy.

Property investment, a crucial growth driver, grew 2 per cent in the first 10 months from a year earlier, down from an annual rise of 2.6 per cent in the January to September period, the National Bureau of Statistics (NBS) said on Wednesday. That was the slowest rate since early 2009.