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China’s Property Investment Growth Slowed Last Month as Housing Inventory Fell 8.82 Million Square Meters

Growth in China’s property investment and floor space sold slowed over the first 10 months of this year, data from the National Bureau of Statistics shows. However, property developers purchased more land and commercial housing inventories fell further.

From January through October this year, investment in China’s real estate sector his CNY9.05 trillion (USD1.37 trillion), up 7.8 percent on the year but 0.3 point slower than growth through the first nine months. Investment in housing developments reached CNY6.18 trillion (USD937.4 billion) over the 10-month period, up 9.9 percent on the year but 0.5 point slower than the first three quarters.

The area of buildings under construction in the first 10 months was 7.523 billion square meters, rising 2.9 percent on the year with growth at 0.2 point less than the first nine months. The area of homes under construction was 5.154 billion square meters through October, up 2.8 percent from the previous year.

Real estate firms purchased 190 million square meters of land in the first 10 months, up 12.9 percent compared with the same period last year and 0.7 point faster than the first three quarters. Land transaction amounts totaled CNY969.5 billion (USD146.89 billion), a 43.3-percent annual increase but 3 points less than growth through September, the data shows.

The floor space of commercial housing sold in the first 10 months was 1.303 billion square meters, up 8.2 percent on the year as growth slid 2.1 percentage points from the year through September. Floor space of homes sold rose 5.6 percent on the year through October.

Commodity housing sales hit CNY10.3 trillion (USD1.56 trillion) in the first 10 months, up 12.6 percent on the year as growth slowed 2 points compared with the first nine months. Home sales jumped 9.6 percent annually through October.

The amount of commercial housing for sale was 602.58 million square meters as of the end of last month, down 8.82 million square meters from a month earlier. The floor space of homes for sale fell by 7.72 million square meters.

China’s real estate climate index was 101.49 last month, up 0.04 from September.

Source: yicaiglobal.com

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