China's property investment falls 10.1% y/y in Jan-Sept

BEIJING (Reuters) - Property investment in China fell 10.1% in the first nine months of 2024 from a year earlier, after dropping 10.2% in January-August, National Bureau of Statistics (NBS) data showed on Friday.

Property sales by floor area in January-September fell 17.1% from a year earlier, compared with a 18.0% slump in January-August.

New construction starts measured by floor area declined 22.2% on year, after a 22.5% drop in the first eight months.

Funds raised by China's property developers were down 20.0% from a year earlier after a 20.2% fall in January-August.

In recent weeks, Chinese authorities have introduced measures to support the property sector, including instructing banks to lower mortgage rates for existing home loans and further easing home-buying restrictions in major cities.

(Reporting by Ella Cao, Liangping Gao and Ryan Woo; Editing by Sam Holmes)

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