China Real Estate Investment Slows In First Half

7/13/2012 2:48 AM ET

(RTTNews) - China's investment in the property market slowed in the first half of the year, the latest data released by the National Bureau of Statistics showed Friday.

In the first six months, total investment in real estate development rose 16.6 percent year-on-year. This was 6.9 percentage points lower than that in the first quarter and 16.3 percentage points lower than that in the same period of 2011.

Investment in residential buildings alone recorded an annual growth rate of 12 percent during the period.

Meanwhile, sales of commercial buildings in the first half were down 5.2 percent. The rate of decline, however, was slower than in the first quarter. During the first six months of 2011, sales recorded a 24.1 percent growth.

During the period, home sales declined 6.5 percent.

China has vowed to continue fine-tuning of its policies amid flagging economic growth. However, the policymakers have been reluctant to ease curbs on the property market, saying the prices are still beyond reasonable levels.

The most recent report from the statistical office pointed to continued decline in property prices at national level in May.

by RTT Staff Writer

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