China’s July property investment grew at the quickest clip since April last year, underpinned by solid construction activity and easier lending as the economy gradually recovers from the coronavirus crisis, reported Reuters.
Real estate investment in July rose 11.7% from a year earlier, quickening from 8.5% growth seen in June, according to Reuters calculations based on data from the National Bureau of Statistics on Friday. For January-July period, property investment grew 3.4% on an annual basis, faster than a 1.9% uptick in January-June.
Property sales by floor area rose 9.5% in July from a year earlier, versus a 2.1% growth in June. New construction starts measured by floor area increased 11.3% on-year last month, compared with June’s 8.9% uptick. Funds raised by China’s property developers returned to growth of 0.8% in the first seven months, better than a 1.9% drop in the first half of 2020.