BEIJING: Property sales by floor area in China fell at a faster pace in January to June from a year earlier, down 5.3 per cent compared with a 0.9 per cent fall in the first five months, official data showed on Monday (Jul 17), as the crisis-hit sector struggles to regain its footing.
Property investment fell 7.9 per cent in the first six months, after slumping 7.2 per cent in January to May from the same period a year earlier, according to data from the National Bureau of Statistics (NBS).
New construction starts measured by floor area fell 24.3 per cent year-on-year, after a 22.6 per cent drop in the first five months.
Funds raised by China's property developers were down 9.8 per cent on year after a 6.6 per cent slide in January to May.
China's property sector, which accounts for about a quarter of the economy, was badly hit last year as cash-squeezed developers were unable to finish apartment construction, prompting a mortgage boycott by some buyers.
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