A worker stands on the scaffolding at a construction site against a backdrop of residential buildings in Huaian, Jiangsu province, China October 18, 2018.
China Stringer Network/Reuters
Real estate investment in China quickened in April while property sales fell at a much slower pace, Reuters calculations based on official data showed on Friday, providing some relief as Beijing looks to restart the economy from coronavirus-related shutdowns.
The property market is a key driver in of growth the world’s second-largest economy and was among many segments of the Chinese economy hit hard by the coronavirus and tough containment measures.
Property investment, which mainly comprises residential housing but also includes offices and other commercial building, rose 7% in April, picking up from meagre gain of 1.2% in March, Reuters calculated from National bureau of Statistics (NBS) data.
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It still fell 3.3% in the first four months of 2020 from a year earlier.
Property sales also showed signs of improvement, falling 2.1% measured by floor area compared with 14.1% in March, Reuters calculations showed. They still fell 19.3% in the first four months of the year, largely due to a market freeze in the first two months of this year as city-wide lockdowns paralyzed business activity and kept would-be buyers away from showrooms.
New construction starts measured by floor area fell just 1.3% from a year earlier, compared to a 10.4% drop in March.
Funds raised by China’s property developers fell 10.4% in January-April, but they were better than a 13.8% drop for the first three months of the year. The central bank has pledged to step up policy measures to support the economy, although it still cautioned against property bubble risks.
China’s economy contracted 6.8% in the first quarter from a year earlier, shrinking for the first time since at least 1992. While the worst may be over, analysts say it will take months for growth to recover to precrisis levels.
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.
