Property Investment in China Plummets in First Five Months of 2024
Property investment in China witnessed a significant decline of 10.1% year-on-year in the first five months of 2024. Notably, the floor space of new homes sold dropped by 20.3%, and the total sales value of new homes fell by 27.9%. Despite measures to support the real estate market, economists believe they may fall short of addressing the larger housing issues in the country.
Moreover, retail sales growth saw an uptick of 3.7% year-on-year in the last month, showing signs of recovery. During the May Day break, domestic spending surged, with tourism revenue reaching 166.89 billion yuan. Industrial output increased by 5.6% from May 2023, indicating a stable economic performance.
The situation remains complex, with analysts predicting a focus on domestic markets due to proposed trade tariffs by the United States. While challenges persist in the Chinese economy, efforts are being made to boost demand and sustain growth in the face of global uncertainties.
More updates coming soon…