China property investment slows further

Beijing

GROWTH in China real estate investment slowed in the first nine months of 2014, while property sales and new construction tumbled, helping to drag broader economic growth to a near six-year low.

Real estate investment, which affects more than 40 other sectors from cement to furniture, rose 12.5 per cent in January-September from a year earlier, down from 13.2 per cent in the first eight months of the year, the National Bureau of Statistics said on Tuesday.

Revenue from property sales dropped 8.9 per cent during the same period, while new construction fell 9.3 per cent. Mortgage loans fell 4.9 per cent by value in the nine months, though they did tick higher in September. The figures were released alongside data showing that the world's second-largest economy grew 7.3 per cent between July and September from a year earlier, slightly above expectations but down from 7.5 per cent in the second quarter and its weakest expansion …