China H1 property investment grows 6.1% YoY

China’s real estate investment rose 6.1 percent in the first half of 2016 from the same period a year earlier, while the property sales area increased 27.9 percent, official data showed on Friday.

Investment growth, reported by the National Bureau of Statistics (NBS), slowed from an increase of 7% in the first five months.

Increase in property sales area was down from 33.2 percent in January-May.

Real estate investment, which directly affects about 40 other business sectors in China, is considered to be a crucial driver for the economy, which saw its slowest growth last year in a quarter of a century.

A flurry of government stimulus measures have started to turn the ailing sector around, but rapid price gains in some of the country’s biggest cities have fanned fears of a bubble and prompted some local governments to tighten mortgage lending requirements.

Huge inventories of unsold homes also continue to weigh on prices in smaller cities.

BY: Clare Jim and Editing by Eric Meijer

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