May 15, 2018 / 2:08 AM / a year ago

China Jan-April property investment up 10.3 pct y/y

BEIJING, May 15 (Reuters) - Real estate investment in China rose 10.3 percent in the first four months of 2018 from a year earlier, official data showed on Tuesday, while property sales softened in the face of government cooling measures.

That compared with a 10.4 percent gain in the first three months of the year.

Property sales measured by floor area grew 1.3 percent in January-April from the same period a year earlier, down from 3.6 percent in the first quarter of the year, according to data from the National Bureau of Statistics (NBS).

New construction starts measured by floor area were up 7.3 percent in the period, compared with 9.7 percent in January-March, the NBS data showed.

Real estate is a key driver of economic growth in China but is expected to moderate as the government aims to curb excessive funds flowing into property. (Reporting by Beijing Monitoring Desk; Editing by Sam Holmes)

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