China’s Q1 property investment falls 5.8% year-on-year
FILE PHOTO: Residential buildings are seen along the Fourth Ring Road in Beijing, China July 16, 2018. REUTERS/Jason Lee
(Correct to add percentage indicator in headline)
BEIJING (Reuters) – China’s property investment fell 5.8% from a year earlier in the first three months of 2023, from a 5.7% decline in January-February, official data showed on Tuesday.
Property sales by floor area declined 1.8% year-on-year in the first quarter of the year, versus a 3.6% fall seen in the first two months, according to data from the National Bureau of Statistics (NBS).
New construction starts measured by floor area fell 19.2% in January-March from a year earlier, after a 9.4% drop in the first two months.
Funds raised by China’s property developers slumped 9.0% year-on-year in the first three months, after a 15.2% slump in January-February.
China’s property sector, once a key driver of the world’s second-largest economy, has been hit by a regulatory crackdown on developers’ high debt levels, which led to stalled housing projects and homebuyers boycotting mortgage repayments.
(This story has been refiled to add percentage indicator in the headline)