The rise of real estate sales in China slowed in both value and volume terms last month after a brief uptick in June, while the pace of investment growth hit its lowest level to date in 2017.
Investment in real estate development for the January-July period rose 7.9 per cent compared to a year earlier, according to data from the National Bureau of Statistics, showing little sign of a let up for the slowdown that has persisted since May.
The slowest pace of investment growth in seven months came as sales growth slipped again following unexpected acceleration in June that had snapped months of slowdown.
In volume terms, new housing purchased in the seven months ended July came in at 863.5m square meters for a year-on-year rise of 14 per cent, down 2 percentage points from the previous reading and the slowest pace since December 2015.
In value terms sales for the period rose to more than Rmb6.8tn ($1.03tn), up 18.9 per cent from a year prior but marking a fall of 2.6 percentage points from June’s pace.