BEIJING (Reuters) – Real estate investment and sales in China both quickened in May, pointing to continuing momentum as the property sector gradually recovers from the impact of the coronavirus outbreak.
The property market is a key driver of growth in the world’s second-largest economy, and was among many segments of the economy hit hard by the coronavirus crisis and tough containment measures.
Real estate investment in May rose 8.1% from a year earlier, up from 7% growth the previous month, according to Reuters calculations based on data from the National Bureau of Statistics on Monday.
For the first five months of the year, property investment fell 0.3% on year, far less than in previous months as the economy begins to slowly emerge from its coronavirus shutdown.
Consumption remains soft, however, amid job losses and concerns about the risk of a second wave of infection.
Property sales by floor area jumped 9.7% in May, the fastest pace since July 2018 and compared with a 2.1% fall in April.
New construction starts measured by floor area rose 2.5% last month, compared with a 1.3% drop in April.
Funds raised by China’s property developers fell 6.1% in the January-May period, compared with a 10.4% % drop for the first four months of 2020.
“May data showed that the impact from the epidemic has gone and China’s property market will continue to heat up going forward,” said Zhang Dawei, a Beijing-based analyst with property agency Centaline.
Separately, China’s average new home prices in 70 major cities rose 0.5% in May from the prior month, matching the pace in April, Reuters calculations showed.
On an annual basis, home prices expanded 4.9% in May, slightly less than April’s 5.1% pace.
Beijing still refrains from using the real estate sector as short-term stimulus, even as the economy struggles to recover from its first contraction in decades in the first quarter.
(Additional reporting by Yawen Chen; Editing by Jacqueline Wong)
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
