China's Jan-Sept property investment rises 5.6% y-o-y

[BEIJING] China's real estate investment in January to September rose 5.6 per cent from a year earlier, official data showed on Monday, accelerating from the 4.6 per cent growth seen in the first eight months of the year.

Property sales by floor area dropped 1.8 per cent in the first nine months from a year earlier, according to data from the National Bureau of Statistics, compared with a 3.3 per cent decline in the first eight months of the year.

China's property market has recovered quickly from the coronavirus crisis, prompting local governments in some big cities to impose restrictions to contain potential bubbles.

But some analysts expect a sustainable rebound would be less likely as consumer confidence remains soft and policy curbs remain in place.

New construction starts measured by floor area fell 3.4 per cent in Jan-Sept from a year earlier, compared with a 3.6 per cent drop in the first eight months of the year.

Funds raised by China's property developers grew 4.4 per cent, up from 3.0 per cent growth in the first eight months.

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REUTERS