China Jan-July property investment rises 3.4% year-on-year, picks up speed from first-half

BEIJING (Reuters) – China’s real estate investment rose 3.4% in January-July from a year earlier, official data showed on Friday, quickening from a 1.9% uptick in the first six months.

Property sales by floor area fell 5.8%, according to data from the National Bureau of Statistics, narrowing from an on-year decline of 8.4% in the first six months.

China’s property market has gained momentum in recent months, with some analysts warning of a potential bubble in some big cities. But others say a sustainable rebound may still be sometime away as consumer confidence remains soft.

New construction starts measured by floor area fell 4.5% from a year earlier, slowing from a 7.6% fall in the first six months of the year.

Funds raised by China’s property developers grew 0.8% in the same period, compared with a 1.9% decline in January-June.

(Reporting by Lusha Zhang, Roxanne Liu and Ryan Woo; Editing by Shri Navaratnam)

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