China’s property investment falls at a faster clip in Jan-Oct

BEIJING (Reuters) – China’s property investment fell at a faster pace during January-October, declining 8.8% from a year earlier after slumping 8.0% in the first nine months of the year.

Property sales by floor area dropped 22.3% during January-October from the same period a year earlier, compared with the 22.2% plunge in the first nine months of the year, according to data from the National Bureau of Statistics (NBS).

New construction starts measured by floor area fell 37.8% year-on-year in the first 10 months of the year, a slightly smaller decline than the 38% drop in the first nine months period.

Funds raised by China’s property developers fell 24.7%, after a 24.5% drop in the first nine months of the year.

(Reporting by Liangping Gao and Ryan Woo; Editing by Ana Nicolaci da Costa and Himani Sarkar)