September 16, 2019 / 2:00 AM / a month ago

China's Jan-Aug property investment growth slows, sales fall

BEIJING, Sept 16 (Reuters) - China’s property investment grew 10.5% in the first eight months of 2019 from a year earlier, cooling slightly from 10.6% in the January-July period, official data showed on Monday.

For January-August, property sales by floor area fell 0.6% compared with a 1.3% drop seen in the first seven months, the National Bureau of Statistics (NBS) said in a statement.

A robust real estate industry has helped China counter a broader slowdown in the manufacturing sector and consumer demand as well as a protracted trade war with the United States.

While Beijing has stepped up efforts to stimulate the economy, it has not loosened regulations in the property sector that were put in place to curb speculation. The ruling Communist Party has said it will not use the market as a form of short-term stimulus.

Price trends have been mixed lately, with some cities showing signs of rapid cooling while others are plagued with overheating risks. (Reporting by Kevin Yao and Yawen Chen; Editing by Jacqueline Wong)

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