China's property development investment sees slower growth

BEIJING - China's investment in property development expanded 7.9 percent year on year in the first seven months of this year, down from 8.5 percent for the first half, data showed Monday.

Commercial housing sales measured by floor area rose 14 percent in the January-July period, down from 16.1 percent for the first half, according to the National Bureau of Statistics.

Housing sales value also rose at a slower pace, down from 21.5 percent in the first half to 18.9 percent in the first seven months.

The lower rates showed the clear effects of China's property curbs, the bureau's spokesperson Mao Shengyong said at a press conference.

"Based on the indicators, we can see that the property market has cooled to some extent," Mao said.

At the end of July, about 635 million square meters of housing was unsold in China, down by 10.8 million square meters or 1.7 percent from a month earlier.

Since the end of 2016, many local governments have passed or expanded their restrictions on house purchases and increased the minimum down payment required for a mortgage.