BEIJING, July 15 (Reuters) – Property investment in China fell 10.1% in the first half of 2024 from a year earlier, matching a figure in January-May, suggesting the sector is still not out of the woods despite mounting policy support.
Property sales by floor area in January-June fell 19.0% from a year earlier, shallower than a 20.3% slump in January-May, National Bureau of Statistics (NBS) data showed on Monday.
New construction starts measured by floor area fell 23.7% on year, after a 24.2% drop in the first five months.
Funds raised by China’s property developers were down 22.6% from a year earlier after a 24.3% fall in January-May.
Although recent measures are expected to boost demand in major cities, small cities continue to grapple with excessive housing inventory and lukewarm consumption sentiment, underlining a pressing need for more stimulus to revive local economies.
(This story has been corrected to say ‘shallower’ than a 20.3% slump, not ‘deeper,’ in paragraph 2)
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Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Jacqueline Wong
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