China's Jan-July property investment growth slows, sales fall

Credit: REUTERS/THOMAS PETER

China's property investment grew 10.6% in the first seven months of the 2019 on a year-on-year basis, slowing from 10.9% in the January-June period, official data showed on Wednesday.

BEIJING, Aug 14 (Reuters) - China's property investment grew 10.6% in the first seven months of the 2019 on a year-on-year basis, slowing from 10.9% in the January-June period, official data showed on Wednesday.

For January-July, property sales by floor area declined 1.3% in year-on-year terms, a slower pace than the 1.8% fall seen in the first six months, the National Bureau of Statistics (NBS) said in a statement.

China's real estate sector has become increasingly polarised in recent months, with some cities showing signs of overheating while others have rapidly cooled. The sector has been one of the few bright spots in China's economy, which is dealing with the effects of a bruising trade war with the United States.

Beijing has dashed hopes it would ease its bubble-curbing measures to boost the faltering economy, saying it would not use the property market as a form of short-term stimulus.

(Reporting by Beijing Monitoring Desk; Editing by Sam Holmes)

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