(Corrects milestone in the first paragraph to say Nov 2016
property sales growth was lowest since November 2015 not
BEIJING Dec 13 China's property sales growth
slowed sharply to 7.9 percent in November from a year ago, its
lowest since November 2015, and and well short of 26.4 percent
increase in October.
Meanwhile, real estate investment rose 6.5 percent over
January to November from the same period a year earlier, and
property sales area increased 24.3 percent, official data showed
Investment growth, reported by the National Bureau of
Statistics (NBS), also slowed slightly from an increase of 6.6
percent in January to October, as house prices and sales have
shown signs of cooling in recent months.
That is in stark contrast to a robust recovery in home
prices and sales that supported the economy in the first three
quarters of the year, thanks to a flurry of government stimulus
Nonetheless, in recent months policymakers have begun to
worry about an overheating property market and the risk of a
sudden and sharp price fall damaging the economy.
Regulators have told banks to strengthen risk management
around property loans. More restrictions on home purchases have
been implemented to curb soaring prices, helping to slow down
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.
National Statistics Bureau spokesperson Mao Shengyong said
in November that property investment would accelerate or remain
at current levels for the rest of the year, due to a low-base
The outlook for China's residential property market in 2017
is stable, Moody's Investors Service said in a report issued
(Reporting by Beijing Monitoring Desk; Editing by Eric Meijer)