Key insights
- China's property investment declined 13.7% in January-April, an acceleration from the first quarter's 11.2% drop. Property sales and new construction starts also decreased, signaling continued weakness in the sector. Reduced funding for developers further exacerbates the downturn. This slowdown in a major global economy can negatively impact US equities, particularly those with exposure to China or global growth.
BEIJING, May 18 (Reuters) - Property investment in China fell 13.7% in the first four months compared with the same period last year following an 11.2% drop in the first quarter, official data showed on Monday.
Property sales by floor area dropped 10.2% in the January-to-April period, after falling 10.4% in the first three months.
New construction starts measured by floor area logged a 22.0% fall after tumbling 20.3% in the first quarter.
Funds raised by Chinese property developers were down 18.4% compared with a 17.3% slide in January-March.