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2nd LD-Writethru: China's property investment continues to slow

Xinhua, May 13, 2015 Adjust font size:

China's property sector continued to cool as capital continued to trickle at a slower pace in the first four months of the year, marking increasing pressure on the previously red-hot industry.

Investment in China's property sector rose 6 percent year on year to 2.37 trillion yuan (387.25 billion U.S. dollars) in the first four months of the year, the National Bureau of Statistics (NBS) announced Wednesday.

The figure dropped from the 8.5-percent increase seen in the first quarter, indicating lingering weakness in the sector.

In the Jan-April period, investment in residential housing posted an increase of 3.7 percent from the same period last year to 1.59 trillion yuan.

Sales of commercial housing fell 4.8 percent year on year to 263.85 million square meters the first four months.

China's property market took a downturn in 2014 under the accumulative effects of measures to curb the overheated sector. The cooling trend has continued into 2015, with both sales and prices falling, and investment slowing.

However, the decline narrowed and there were signs of warming thanks to government's effort to lift the sagging market, NBS senior analyst Wang Baobin said.

The central government has announced a string of measures this year, including lower down payment and tax exemption for some home purchases.

Although the sector has yet to escape from the grim climate, it will be less negative to China's economic growth this year, economists predicted. Endi