China property sales fall at faster pace in first half

BEIJING — Property sales by floor area in China fell at a faster pace in January-June from a year earlier, down 5.3% compared with a 0.9% fall in the first five months, official data showed on Monday, as the crisis-hit sector struggles to regain its footing.

Property investment fell 7.9% in the first six months, after slumping 7.2% in January-May from the same period a year earlier, according to data from the National Bureau of Statistics.

New construction starts measured by floor area fell 24.3% year on year, after a 22.6% drop in the first five months.

Funds raised by China’s property developers were down 9.8% on year after a 6.6% slide in January-May.

China’s property sector, which accounts for about a quarter of the economy, was badly hit last year as cash-squeezed developers were unable to finish apartment construction, prompting a mortgage boycott by some buyers. — Reuters