August 16, 2024 04:59 GMT
MNI BRIEF: Beijing Property Sales Steepen Decline In July
MNI (MNI (BEIJING)) - Beijing’s real-estate sector sold 5.8 million square meters of property during the first seven months, down 4.1% y/y and accelerating from the 2.5% drop reported for the first six months, Beijing Municipality data showed on Friday.
The city completed 5.1 million square meters of housing from Jan to July, down 15.0% y/y, while construction area reached 7.9 million square meters, up 9.7% y/y.
Local governments will struggle to implement China’s new growth-orientated urbanisation policy due to tight fiscal resources and a weak labour market, advisors recently told MNI. (See MNI: China’s Urbanisation Target Needs Broader Reforms)
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