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.

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  (END) Dow Jones Newswires
  09-14-21 2216ET
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