NEW DELHI: Property investment in China witnessed a 10.1% decline compared to the same period in the previous year in the initial five months of 2024, a further drop from the 9.8% decrease recorded in the January-April period.
The downward trend persisted despite policymakers’ ramped up their efforts to lift the struggling sector and increase consumer confidence.
The National Bureau of Statistics (NBS) data released on Monday also revealed a 20.3% year-on-year decline in property sales by floor area for the January-May period, slightly worse than the 20.2% slump observed in the first four months.
Meanwhile, new construction starts, as measured by floor area, saw a 24.2% year-on-year decrease, following a 24.6% drop in the January-April period. Additionally, the funds raised by China’s property developers also experienced a significant decline, falling by 24.3% compared to the previous year, after a 24.9% decrease in the first four months.
China, last month, announced “historic” measures aimed at stabilizing its crisis-hit property sector, with the primary goals of clearing substantial home inventories and stimulating housing demand. However, analysts cautioned that these measures might not have a significant impact on the sector until the ongoing decline in home prices begins to reverse.
The downward trend persisted despite policymakers’ ramped up their efforts to lift the struggling sector and increase consumer confidence.
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The National Bureau of Statistics (NBS) data released on Monday also revealed a 20.3% year-on-year decline in property sales by floor area for the January-May period, slightly worse than the 20.2% slump observed in the first four months.
Meanwhile, new construction starts, as measured by floor area, saw a 24.2% year-on-year decrease, following a 24.6% drop in the January-April period. Additionally, the funds raised by China’s property developers also experienced a significant decline, falling by 24.3% compared to the previous year, after a 24.9% decrease in the first four months.
China, last month, announced “historic” measures aimed at stabilizing its crisis-hit property sector, with the primary goals of clearing substantial home inventories and stimulating housing demand. However, analysts cautioned that these measures might not have a significant impact on the sector until the ongoing decline in home prices begins to reverse.