China's January-February property investment falls 9% YoY

Property investment in China slid 9.0 per cent year-on-year in the first two months of 2024, compared with a 24.0 per cent fall in December 2023, National Bureau of Statistics (NBS) data showed on Monday.

Property sales by floor area logged a 20.5 per cent slide in January-February from a year earlier, compared with a 23.0 per cent fall in December last year. China has been ramping up measures to reinvigorate its fragile property sector after a regulatory crackdown on developer leverage led to a snowballing liquidity crisis.

Authorities launched a so-called "whitelist" mechanism in January, channelling funds from state banks into local property projects identified by city governments as justifiable for financing support.

New construction starts measured by floor area plunged 29.7 per cent year-on-year, after a 11.56 per cent plunge in December 2023. Funds raised by China's property developers were down 24.1 per cent on year after a 17.77 per cent drop in December last year.