China had one of its best months in property investment despite curbs
China had one of its best months in property investment despite curbs
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Despite a slew of surprise property curbs that month, real estate investment in China managed to post a record in October.
Property investment in the country grew 13.4 percent in October from a year earlier, compared with 7.8 percent in September, data from the National Bureau of Statistics (NBS) showed, as per Reuters.
This marks the highest increase in real estate investment in the country since April 2014. Overall, property investment rose 6.6 percent in the first 10 months of 2016.
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The figures seemingly point to a property market defiant of tightening measures, which spooled out in quick succession in several mainland cities last month. The curbs varied from increases in down-payments to prohibitions on the purchase of second homes altogether.
Analysts warned, however, that the cooling measures will have a delayed effect. “The impact on investment figures will probably show later as sales are usually hit first,” Wendy Chen, a Shanghai-based economist at Nomura, told Reuters.
The area of property sold around the country increased by 26.4 percent in October, down from the 34 percent increase recorded in September. Property sales by floor area in the first ten months rose 26.8 percent, a relative slowdown compared with the 26.9 percent growth between January and September.
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Source: Property Report