China's Jan-Oct property sales fell 7.8% y/y, investment down 9.3%

BEIJING: Property sales by floor area in China fell 7.8% year-on-year in January-October, compared with a 7.5% slide in the first nine months of 2023, suggesting China’s property sector is yet to emerge from its slump.

Property investment in the first 10 months of 2023 fell 9.3% from a year earlier, after dropping 9.1% in January-September, according to data from the National Bureau of Statistics (NBS) released on Wednesday.

New construction starts measured by floor area fell 23.2% year-on-year, after a 23.4% slump in the first nine months.

Funds raised by China’s property developers were down 13.8% year-on-year after a 13.5% fall in January-September.