BEIJING: Property investment in China fell 10.1 per cent in the first five months of 2024 from a year earlier, after dropping 9.8 per cent in January-April, even as policymakers doubled down on efforts to support the ailing sector and shore up consumer confidence.
Property sales by floor area in January-May fell 20.3 per cent from a year earlier, compared with a 20.2 per cent slump in January-April, National Bureau of Statistics (NBS) data showed on Monday.
New construction starts measured by floor area fell 24.2 per cent on year, after a 24.6 per cent drop in the first four months.
Funds raised by China's property developers were down 24. per cent from a year earlier after a 24.9 per cent fall in January-April.
China announced "historic" steps last month to stabilise its crisis-hit property sector, aiming to clear massive home inventories and boost housing demand.
However, analysts said the measures may not have a huge impact on the sector until falling home prices start to turn around.