China's property development investment down 9 pct in first two months

Investment in property development in China fell 9 percent year-on-year to 1.1842 trillion yuan (about 167 billion U.S. dollars) in the first two months of 2024, the National Bureau of Statistics (NBS) data showed.

This was reported by The Xinhua News Agency.

Investment in the sector maintained a falling trend, as sales of newly-built property also fell 20.5 percent year-on-year in terms of floor area to 113.69 million square meters in the same period.

In terms of value, sales of newly built property fell 29.3 percent year-on-year to 1.0566 trillion yuan, the data showed.