BEIJING–China’s property sector weakened on all fronts in November, as property investment, home sales and new construction starts fell due to Beijing’s clampdown.
Real-estate investment dropped 4.3% in November, compared with the 5.4% decline a month earlier, according to Wall Street Journal calculations of the National Bureau of Statistics data on Wednesday. From January to November, the overall investment from developers increased 6.0%, down from a 7.2% gain in the first 10 months of the year, the official data showed Wednesday.
China’s new construction starts measured by floor area contracted further in the first 11 months of the year. New construction starts from January to November dropped 9.1% from a year earlier, worsening from the 7.7% decline in the first 10 months of the year. China’s new construction starts have been contracting since July as Beijing’s curbs on housing speculation yielded results.
Home sales by volume–a major indicator of demand–reported slower growth in the first 11 months of the year, rising 9.3% compared with the 12.7% gain in the January-October period.
Despite November’s gloomy reading, China’s aggressive campaign to curb housing speculation and regulate the property sector has eased as a broader economic slowdown has prompted Beijing to shift policy direction.
Some Chinese banks have loosened restrictions on home loans and more local governments have introduced measures aimed at halting the slide in home prices in recent months.
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