China’s Jan-July property investment falls at fastest pace since March 2020

A crane is seen amid residential buildings underneath building in Shanghai, China July 20, 2022. REUTERS/Aly Tune

BEIJING, Aug 15 (Reuters) – China’s property funding in January-July fell6.4% from a yr earlier, the quickest tempo since March 2020, and greater than the 5.4% decline within the first half of the yr, official information confirmed on Monday.

Property gross sales by flooring space tumbled23.1% from a yr earlier within the first seven months, after a 22.2% hunch in January-June, based on information from the Nationwide Bureau of Statistics.

In annual phrases, new building begins measured by flooring space fell36.1% in January-July, in contrast with 34.4% within the first six months.

For January-July, funds raised by China’s property builders dropped 25.4% from the identical interval a yr earlier, after a 25.3% decline within the first six months.

China’s property market, which accounts for roughly 1 / 4 of the economic system, is in a hunch as some cash-strapped builders default on loans and bond repayments whereas homebuyers threaten to boycott mortgage repayments as a consequence of unfinished houses.

Reporting by Liangping Gao and Kevin Yao; Modifying by Jacqueline Wong

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