China’s property investment decline worsens in January-April

By Thomson Reuters May 16, 2024 | 9:07 PM

BEIJING (Reuters) – Property investment in China in the first four months of 2024 fell 9.8% from a year earlier, after dropping 9.5% in the first quarter, indicating the sector is yet to bottom out despite a flurry of policy support.

Property sales by floor area in January-April logged a 20.2% slide from a year earlier, compared with a 19.4% fall in January-March, National Bureau of Statistics (NBS) data showed on Thursday.

New construction starts measured by floor area fell 24.6% year-on-year, after a 27.8% slump in the first three months.

Funds raised by China’s property developers were down 24.9% year-on-year after a 26.0% slump in January-March.

(Reporting by Ella Cao, Liangping Gao and Ryan Woo; Editing by Christopher Cushing)