China’s property funding falls 10.4% y/y in Jan-Nov

BEIJING (Reuters) – Property funding in China fell 10.4% within the first eleven months of 2024 from a 12 months earlier, after dropping 10.3% in January-October, Nationwide Bureau of Statistics (NBS) knowledge confirmed on Monday.

Property gross sales by flooring space in January-November fell 14.3% from a 12 months earlier, versus a 15.8% drop in January-October.

New building begins measured by flooring space declined 23.0% on 12 months, after a 22.6% drop within the first 10 months.

Funds raised by China’s property builders have been down 18.0% from a 12 months earlier after a 19.2% fall in January-October.