Property investments and sales in mainland China continue on a downwards trajectory despite Beijing’s efforts to inject liquidity and boost demand, but the rate of decline has slowed in a sign that the market is starting to stabilise, according to analysts, reports the South China Morning Post.
In January and February, total property investment declined 9% year on year to RMB 1.18 trillion ($164.5 billion), according to data released on Monday by the National Bureau of Statistics (NBS). Investment in residential property fell 9.7% to RMB 882.3 billion. Overall investment slid 9.6% in 2023, NBS said.
“The overall risk [in China’s property market] is manageable because the decline in investment is narrowing, which is a sign that the supply side is stabilising,” said Yan Yuejin, director of Shanghai-based E-house China Research and Development Institute.
