China's January-October property sales fell 7.8% y/y, investment down 9.3%

Property sales by floor area in China fell 7.8 per cent year-on-year in January-October, compared with a 7.5 per cent slide in the first nine months of 2023, suggesting China's property sector is yet to emerge from its slump.

Property investment in the first 10 months of 2023 fell 9.3 per cent from a year earlier, after dropping 9.1 per cent in January-September, according to data from the National Bureau of Statistics (NBS) released on Wednesday.

New construction starts measured by floor area fell 23.2 per cent year-on-year, after a 23.4 per cent slump in the first nine months.

Funds raised by China's property developers were down 13.8 per cent year-on-year after a 13.5 per cent fall in January-September.