China’s property investment falls 10.2% y/y in January-July

BEIJING (Reuters) – Property investment in China fell 10.2% in the first seven months from a year earlier, after dropping 10.1% in January-June, even as the government launched a slew of support measures to bolster market sentiment.

Property sales by floor area in January-July fell 18.6% from a year earlier, compared with a 19.0% slump in January-June, National Bureau of Statistics (NBS) data showed on Thursday.

New construction starts measured by floor area fell 23.2% on year, after a 23.7% drop in the first half of the year.

Funds raised by China’s property developers were down 21.3% from a year earlier after a 22.6% fall in January-June.

Chinese authorities have been ramping up efforts to support the troubled real estate sector, including reducing buying costs and lowering mortgage rates. However, these measures have so far been insufficient to foster a meaningful recovery.