China's Q1 property investment falls 5.8 year-on-year

BEIJING : China's property investment fell 5.8 per cent from a year earlier in the first three months of 2023, from a 5.7 per cent decline in January-February, official data showed on Tuesday.

Property sales by floor area declined 1.8 per cent year-on-year in the first quarter of the year, versus a 3.6 per cent fall seen in the first two months, according to data from the National Bureau of Statistics . New construction starts measured by floor area fell 19.2 per cent in January-March from a year earlier, after a 9.4 per cent drop in the first two months.

Funds raised by China's property developers slumped 9.0 per cent year-on-year in the first three months, after a 15.2 per cent slump in January-February. China's property sector, once a key driver of the world's second-largest economy, has been hit by a regulatory crackdown on developers' high debt levels, which led to stalled housing projects and homebuyers boycotting mortgage repayments.

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