China’s real estate market contracts deeper amid limited speculation

BEIJING – China’s new construction began to be measured by floor space added in the first 10 months of the year, indicating a significant slowdown in the country’s huge housing market. This also signals Beijing’s solution to curb housing speculation amid a widespread economic slowdown caused by a crackdown on the property sector.

New construction starts January through October fell 7.7% from a year earlier, expanding from a 4.5% decline in the first nine months of the year, according to data released Monday. of the National Bureau of Statistics. New Chinese construction works have been contracted since July, as Beijing’s curbs on housing speculation have paid off.

Investment growth in real estate slowed down. The index rose 7.2% in the January-October period, down from 8.8 percent in the first nine months, as Beijing enforced debt forgiveness and limited financial resources of banks. Developers.

Home sales by volume – a key indicator of demand – also reported slower growth in the first 10 months of the year, up 12.7% compared with a 17.8% gain in the January period. to September. | China’s real estate market contracts deeper amid limited speculation


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