China Property Market Cools as Beijing Tightens Reins

BEIJING--China's new construction starts contracted in the first eight months of the year, signaling a cooling property market as Beijing tightens measures to curb housing speculation and developers' financing sources.

New construction starts measured by floor area dropped 3.2% in January to August, which compares with a 0.9% decline in the first seven months of the year, according to data released Wednesday by the National Bureau of Statistics.

Real-estate investment increase 10.9% in January- August, down from a 12.7% gain in the first seven months.

Home sales by volume--a major indicator of demand--climbed 24.5% in the first eight months of 2021 from a year earlier, slower than the 33.1% gain in the January-to-July period.

Write to Singapore editors at singaporeeditors@dowjones.com


  (END) Dow Jones Newswires
  09-14-21 2216ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.