According to official data released on Monday, China’s real estate investment decreased by 8.0% from January through September of last year, extending the 7.4% decline witnessed in the first eight months of the year.
Data from the National Bureau of Statistics show that the number of properties sold by floor area decreased by 22.2% in the first nine months of the year compared to the same period last year, lessening the decline from the first eight months of the year by 23.0%.
From a drop of 37.2% in the first eight months of the year to a drop of 38.3% in January-September, new building starts as measured by floor area fell. The amount of money that Chinese real estate developers raised fell by 24.5% after growing by 25.0% between January and August.
Beijing has implemented a host of stimulus measures to support the struggling real estate market, including lowering the minimum mortgage rates for first-time buyers in key areas. However, despite the industry’s debt crisis and COVID-19 restraints, demand has remained shaky.
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