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China’s real estate investment reached 6.77 trillion yuan in the period of January – July, sliding 8.5% from a year earlier, compared to the 7.9% drop in the first six months, according to data released by the National Bureau of Statistics.
Of that, residential real estate investment reached 5.15 trillion yuan, falling 7.6% from a year earlier.
New construction starts of real estate projects reached 569.7 million squarer meters during the period, sliding 24.5% from a year earlier, and of that, new starts of residential real estate projects fell by 25% to 415.5 million square meters, showed the data.
Construction completions reached 384 million square meters in Jan – Jul, rising by 20.5% from a year earlier, with residential property completions rising by 20.8%, according to the NBS.
China’s property sales, in floor area, fell by 6.5% in the first seven months of the year to 665.6 million square meters, compared to the 5.3% drop in the first six months, and of that, residential property sales fell 4.3%, according to the data.
The value of property sales fell by 1.5% from a year earlier, compared to 1.1% gain in the first six months, and of that, residential property sales grew by 0.7%, showed the data.
Chinese property developers’ financing reached 7.8 trillion yuan in the first seven months of the year, sliding 11.2% from a year earlier, compared to 9.8% drop for the first half of the year, showed the data.
In breakdown, domestic loans reached 973.2 billion yuan, sliding 11.5% from a year earlier; foreign capital 3 billion yuan, down 43%, self-raised funds reached 2.39 trillion yuan, down 23%, payment in advance reached 2.73 trillion yuan, down 3.8%; while home mortgage loans reached 1.4 trillion yuan, down 1%, according to the data.
