November 14, 2018 / 2:03 AM / a year ago

China Jan-Oct property investment up 9.7 pct y/y

BEIJING, Nov 14 (Reuters) - Real estate investment in China rose 9.7 percent in the first 10 months of 2018 versus the same period a year earlier, official data showed on Wednesday.

The growth was a bit slower compared with a 9.9 percent gain in the first three quarters of the year.

Property sales by floor area grew 2.2 percent in January-October from a year earlier, slower than an increase of 2.9 percent in the first nine months of this year, data from the National Bureau of Statistics (NBS) showed.

New construction starts measured by floor area were up 16.3 percent in the period, slowing slightly from a 16.4 percent increase in January-September.

Funds raised by China’s real estate developers in the first ten months grew 7.7 percent from the same period a year earlier and compared with a 7.8 percent increase in January-September, the NBS data showed. (Reporting by Beijing Monitoring Desk Editing by Shri Navaratnam)

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