RSS Property investment in China fell 10.4% y/y in the first eleven months of 2024

[Crax Bot]

The headline economic activity data for November is here:

• China November: Retail sales +3.0% y/y (exp +4.6%) Industrial output +5.4% y/y (exp +5.3%)

More now, focus on the property sector, info via Reuters reporting:

Property investment in China fell 10.4% in the first eleven months of 2024 from a year earlier

• the fall was 10.3% in the January - October period

Property sales by floor area in January-November fell 14.3% from a year earlier

• 15.8% drop in January-October

New construction starts measured by floor area declined 23.0% on year,

• 22.6% drop in January-October

Funds raised by China's property developers were down 18.0% from a year earlier

• 19.2% fall in January-October

**

China's property sector is still languishing:

• China House Prices in November -5.7% y/y (prior -5.9%)

An encouraging point in this data was that:

• new home prices in 70 major cities fell -0.2% m/m
  • which is the smallest decrease in 17 months

• used homes fell -0.35% m/m
  • smallest drop since May 2023

This article was written by Eamonn Sheridan at www.forexlive.com.

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