China's 2020 property investment rises 7% y-o-y

[BEIJING] China's property investment rose more slowly in 2020 from a year earlier although the rate of growth remained robust, official data showed on Monday.

Real estate investment in China rose 7.0 per cent per cent in 2020 from a year earlier, accelerating from a 6.8 per cent gain in the first 11 months of the year, the National Bureau of Statistics (NBS) said in a statement. But the growth rate was down from 9.9 per cent in 2019.

Property sales by floor area rose 2.6 per cent year-on-year in 2020, faster than a 1.3 per cent rise in January-November, the official data showed.

New construction starts measured by floor area fell 1.2 per cent in 2020 from a year earlier, compared with the 2.0 per cent drop in January-November.

Funds raised by China's property developers grew 8.1 per cent, up from the 6.6 per cent growth seen in the first 11 months of the year.

REUTERS