China’s Jan-July property investment down 8.5% y/y

Apartment blocks are pictured in Wuqing District of Tianjin, China October 10, 2016. REUTERS/Jason Lee/File photo

BEIJING  – Property investment in China fell 8.5 percent in the first seven months from the same period a year earlier, after sliding 7.9 percent in January-June, according to data from the National Bureau of Statistics (NBS) on Tuesday.

Property sales by floor area in China declined 6.5 percent in January-July from a year earlier, compared with a 5.3- percent fall in the first six months, official data showed on Tuesday, amid still-weak demand and a deepening debt crisis.

READ: China June property sales fall at fastest clip this year

New construction starts measured by floor area fell 24.5 percent year-on-year, after a 24.3- percent drop in the first six months.

Funds raised by China’s property developers were down 11.2 percent on year after a 9.8-percent slide in January-June.

READ: Contagion fears spread as China property sector cash crunch intensifies

China’s property debt crisis has deepened amid an absence of strong policy support, adding to woes for the faltering economic recovery.