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China's 2020 Property Investment Rises 7% y/y

BEIJING, Jan 18 (Reuters) - China’s property investment rose more slowly in 2020 from a year earlier although the rate of growth remained robust, official data showed on Monday.

Real estate investment in China rose 7.0% in 2020 from a year earlier, accelerating from a 6.8% gain in the first 11 months of the year, the National Bureau of Statistics (NBS) said in a statement. But the growth rate was down from 9.9% in 2019.

Property sales by floor area rose 2.6% year-on-year in 2020, faster than a 1.3% rise in January-November, the official data showed.

New construction starts measured by floor area fell 1.2% in 2020 from a year earlier, compared with the 2.0% drop in January-November.

Funds raised by China’s property developers grew 8.1%, up from the 6.6% growth seen in the first 11 months of the year.

Reporting by Liangping Gao, Lusha Zhang and Ryan Woo; Editing by Ana Nicolaci da Costa

Source: Reuters

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