China property investment slows further, but less severely

Property investment rose only 12.4% during the first ten months of 2014 year-on-year, its slowest pace since July 2009, Reuters reported, citing the National Bureau of Statistics. However there was some indication that Beijing’s efforts to prop up the sector had helped, as property sales fell 1.6% in October in terms of floor space, compared to September’s more substantial 10.3% drop. The NBS data also showed mortgage loans to home buyers dropped 4.3% in the first 10 months of 2014, easing from the drop of 4.9% in January-September, as banks quickened their mortgage approvals and began providing preferential rates to some home buyers.