October 19, 2016 / 2:16 AM / in a year

RPT-China Jan-Sept property investment rises 5.8 pct y/y

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BEIJING, Oct 19 (Reuters) - China’s real estate investment rose 5.8 percent over January to September from the same period a year earlier, while the property sales area increased 26.9 percent, official data showed on Wednesday even as the government attempted to curb over-investment in property.

Investment growth, reported by the National Bureau of Statistics (NBS), quickened from an increase of 5.4 percent in January to August.

The increase in property sales area was up from 25.5 percent in January-August a year ago.

Real estate investment, which directly affects about 40 other business sectors in China, is considered to be a crucial driver for the economy, which last year saw its slowest growth in a quarter of a century.

A robust recovery in home prices and sales, thanks to a flurry of government stimulus measures, gave a stronger-than-expected boost to the world’s second largest economy in the first half of the year.

But overheating in China’s property market in recent months has become a serious concern for policymakers. More than 20 cities have adopted restrictive measures, including higher mortgage downpayments and immediate bans on second-home purchases to prevent speculative buying that could further fuel price bubbles. (Reporting by Yawen Chen and Kevin Yao; Editing by Eric Meijer)

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