Views: 1 Author: Site Editor Publish Time: 2018-02-09 Origin: Site
According to China’s Statistics Office, investment in domestic real estate in 2017 increased 7% year-on-year however, the pace of growth slowed compared to a year earlier. Investment in residential buildings in 2017 was up by 9.4%. Investment in eastern region grew by over 7% year-onyear.
Growth in the central region went up by almost 12% but growth was much slower in the western and northeastern regions. Despite the slower pace of investment in construction projects the pace of growth in land purchases was in the opposite direction. In 2017 the land area purchased by real estate developers expanded by almost 16%.
Behind the slowing pace of construction was the toughened conditions put on housing loan applicants. According to a report from the People's Bank of China bat the end of last year loans to the property sector were slower than in 2016 due to intensified government efforts to curb housing market speculation.
Many cities and government agencies introduced a host of restrictions to curb speculation in the housing market. The latest data from the National Bureau of Statistics is showing that new housing sales prices fell in December.