China's property investment, sales slow in first 10 months

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Both investment and sales in China's property sector slowed in the first 10 months as the market remained cool amid government policies to curb speculation.

Real estate investment rose 7.8 percent year-on-year between January and October from the same period last year, down from 8.1 percent in the first three quarters, according to the National Bureau of Statistics (NBS).

Investment for residential properties, which accounts for 68.3 percent of total investment in the sector, rose 9.9 percent year on year.

Property sales in terms of floor area climbed 8.2 percent, retreating 2.1 percentage points from the January-September level, NBS data showed.

By the end of October, 602.58 million square meters of property remained unsold, down by 8.82 million square meters from a month earlier.

Chinese authorities have been stepping up efforts to rein in property speculation this year after rocketing housing prices fueled asset bubble concerns, particularly in major cities.

Dozens of local governments have passed or expanded restrictions on house purchases and increased the minimum down payments required for mortgages.

The property market was also cooled by relatively tightened liquidity conditions as the government moved to contain leverage and risk in the financial system.

In September, new residential housing price saw slower growth in 15 major cities compared with the same month last year, according to the NBS. Meanwhile, of 70 cities surveyed, home prices in 44 cities rose month-on-month, compared to 46 in August.

Source(s): Xinhua News Agency