China's property investment falls 6.4% in January-July

BEIJING Reuters - China's property investment fell 6.4% from a year ago, the fastest pace since March 2020 and more than the 5.4% decline in the first half of the year, official data showed on Monday.

According to the National Bureau of Statistics, sales of property fell 23.1% from a year earlier in the year, after a 22.2% slump in January-June.

In January-July, new construction starts measured by floor area fell by 36.1%, compared to 34.4% in the first six months.

In January-July, the funds raised by China's property developers fell 25.4% from the same period a year ago, after a 25.3% decline in the first six months.

China's property market, which accounts for roughly a quarter of the economy, is in a slump due to some cash-strapped developers defaulting on loans and bond repayments while homebuyers threaten to boycott mortgage repayments due to unfinished homes.