China's Property Investment Slumps Further in First Eleven Months of 2024
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China's property investment continued its downward spiral in the first eleven months of 2024, according to data released by the National Bureau of Statistics (NBS) on Monday, reports Reuters.
Property investment during this period fell by 10.4% compared to the same period last year, representing a marginal increase in the rate of decline from the 10.3% drop recorded in January-October.
The NBS data also reveals a deepening contraction in property sales by floor area, which plummeted by 14.3% year-on-year in January-November, compared to a 15.8% drop in the preceding ten months.
New construction starts, as measured by floor area, also experienced a further decline, falling by 23.0% compared to the same period in 2023, following a 22.6% decrease in the first ten months.
The data further underscores the ongoing challenges facing China's property sector, with funds raised by developers down 18.0% year-on-year, after a 19.2% decline in January-October.