China's Property Market Cools Amid Beijing Crackdown

BEIJING--China's new construction starts measured by floor area contracted in the first nine months of the year, as Beijing's crackdown on the property sector cooled demand and deterred developers from starting new projects.

New construction starts dropped 4.5% in January to September, widening the 3.2% decline in the first eight months of the year, according to data released Monday by the National Bureau of Statistics.

Real-estate investment increased 8.8% over the period, down from a 10.9% gain in the first eight months as Beijing imposed borrowing curbs on developers, limiting their financing sources.

Home sales by volume--a major indicator of demand--also reported slower growth in the first nine months of the year, rising 17.8% compared with the 24.5% gain in the January-August period.

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  (END) Dow Jones Newswires
  10-17-21 2224ET
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