Beijing, Dec 12 (IANS) Investment in China’s property sector continued to slow in the first 11 months of 2015, official data showed on Saturday.
Real estate investment rose just 1.3 percent year on year, compared with the two percent growth for the January-October period, Xinhua quoted National Bureau of Statistics (NBS) as saying.
Investment in residential housing, which accounts for about two-thirds of total property investment, edged up 0.7 percent from a year earlier, compared with a growth of 1.3 percent in the first 10 months.
The Chinese property market remained sluggish in 2015 due to weak demand and a supply glut, prompting authorities to take easing measures, including interest rate cuts, reducing down payments and scrapping home-purchase restrictions.
As a result of support policies, property sales in top-tier cities and some second-tier ones have recovered, but the cooling continued in others, especially third-tier cities where a previous market boom led to serious oversupply.