December 14, 2018 / 2:19 AM / a year ago

China's Jan-Nov property investment up 9.7 pct y/y

BEIJING, Dec 14 (Reuters) - China’s real estate investment rose 9.7 percent in the first 11 months of 2018 compared with same period last year, the same percentage as the annual increase for the January-October period, official data showed on Friday.

Property sales by floor area grew 1.4 percent year-on-year in January-November, slowing from an increase of 2.2 percent in the first 10 months of this year, according to data from the National Bureau of Statistics.

New construction starts measured by floor area was up 16.8 percent in the period, compared with 16.3 percent in January-October.

Funds raised by China’s real estate developers in the first 11 months grew 7.6 percent from the same period a year earlier, and compared with a 7.7 percent increase in January-October, the NBS data showed.

The real estate sector, a key driver of economic growth in China, has been cooling in recent months as a government crackdown on property speculation and thinning margins for developers led to a surge in failed land auctions. (Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk)

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