China's Q1 property investment falls 5.8% year-on-year - CNA

(Correct to add percentage indicator in headline)

BEIJING : China's property investment fell 5.8 per cent from a year earlier in the first three months of 2023, from a 5.7 per cent decline in January-February, official data showed on Tuesday.

Property sales by floor area declined 1.8 per cent year-on-year in the first quarter of the year, versus a 3.6 per cent fall seen in the first two months, according to data from the National Bureau of Statistics (NBS).

New construction starts measured by floor area fell 19.2 per cent in January-March from a year earlier, after a 9.4 per cent drop in the first two months.

Funds raised by China's property developers slumped 9.0 per cent year-on-year in the first three months, after a 15.2 per cent slump in January-February.

China's property sector, once a key driver of the world's second-largest economy, has been hit by a regulatory crackdown on developers' high debt levels, which led to stalled housing projects and homebuyers boycotting mortgage repayments.

(This story has been refiled to add percentage indicator in the headline)

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