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China’s real estate investment fell 7.4% to 9.08 trillion yuan in January – August from a year earlier, compared to 6.4% drop for the first seven months of the year, with residential property investment falling 6.9%, according to data released by the National Bureau of Statistics (NBS).
New construction starts reached 850.6 million square meters in the period, slumping 37.2% from a year earlier, with new construction starts of residential property projects falling 38.1% to 624.14 million square meters, showed the data.
Property completions reached 368.6 million square meters, sliding 21.1% from a year ago, with completions of residential properties reach 267.4 million square meters, falling by 20.8% from a year ago, showed the data.
China’s property sales in floor area fell 23% year over year in January – August to 878.9 million square meters, compared to 23.1% drop in the first seven months, with sold floor area of residential properties sliding 26.8%, according to NBS data.
The value of property sales reached 8.59 trillion yuan in the first eight months of the year, sliding 27.9% from a year ago, compared to previous 28.8% fall, with residential property sales slumping 30.3% from a year earlier, showed the data.
Chinese property developers’ total fundraising reached 10.08 trillion yuan in the first eight months of the year, sliding 25% from a year earlier, compared to the 25.4% decline for the first seven months of the year, according to the data.
That included 1.22 trillion yuan of domestic loans, down 27.4% from a year ago; foreign capital 5.9 billion yuan, up 11.6%; self-raised funds 3.58 trillion yuan, down 12.3%; deposits and advance receipts 3.27 trillion yuan, sliding 35.8%; mortgage loans 1.62 trillion yuan, down 24.4%, showed the data.
