China's Jan-Sept property investment rises 5.6% y/y

BEIJING, Oct 19 (Reuters) - China’s real estate investment in January-September rose 5.6% from a year earlier, official data showed on Monday, accelerating from the 4.6% growth seen in the first eight months of the year.

Property sales by floor area dropped 1.8% in the first nine months from a year earlier, according to data from the National Bureau of Statistics, compared with a 3.3% decline in the first eight months of the year.

China’s property market has recovered quickly from the coronavirus crisis, prompting local governments in some big cities to impose restrictions to contain potential bubbles.

But some analysts expect a sustainable rebound would be less likely as consumer confidence remains soft and policy curbs remain in place.

New construction starts measured by floor area fell 3.4% in Jan-Sept from a year earlier, compared with a 3.6% drop in the first eight months of the year.

Funds raised by China’s property developers grew 4.4%, up from 3.0% growth in the first eight months. (Reporting by Liangping Gao and Gabriel Crossley; Editing by Jacqueline Wong)