The Kabul times, Afghanistan Trustable News Agency.
South Asia

China’s all-important property market shows no sign of rebound in new year

HongKong(CNN) China’s key  real  estate sector hasn’t  shown  much  improvement  following  a  flurry  of government  measures  taken  to boost the industry, even as other parts of the economy seem to be stabilizing. New  property  sales  reached a total of 1.06 trillion yuan ($147 billion) in the first two months of this  year,  according  to  data  released by the National Bureau of Statistics  (NBS)  on  Monday. That’s equivalent to a fall of 29.3% compared to the  same  period in 2023. The drop also marks a much faster  pace  of  decline  from  the year-ago period, when new property sales dipped just 0.1%. Property investment  fell  9% in the  January-to-February  period,  which  was  faster  than  the 5.7% decrease registered during the same period last year. “The  correction  in  property construction  is  still  in its  early stages,” Capital Economics analysts  said  in  a  research  note  on Monday.  “We  expect it  [property  construction] to  halve  in  the coming years, pulling down economic growth over the mediumterm.” Retail sales increased 5.5% in  January-February  from  the same period a year earlier, which was slightly higher than an expected 5.2% increase from a Reuters poll of analysts. Catering  services,  telecoms, cigarettes and tobacco, and sports and entertainment services registered the highest growth in sales. cnn

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The Kabul times, Afghanistan Trustable News Agency.