China's property investment up 10.3% in January-October

BEIJING - China's investment in property development grew 10.3 percent year-on-year in the first 10 months of 2019, down from 10.5 percent for the first nine months, the National Bureau of Statistics (NBS) said Thursday.

The total property investment during the January-October period stood at 10.96 trillion yuan ($1.6 trillion), the NBS said.

The investment in residential buildings went up 14.6 percent year on year to 8.07 trillion yuan in the first 10 months, with the pace of growth decelerating 0.3 percentage points from the first nine months.

Commercial housing sales in terms of floor area totaled 1.33 billion square meters from January to October, up 0.1 percent year on year, reversing the declines for the first time this year.

From January to October, commercial housing sales in terms of value gained 7.3 percent to 12.44 trillion yuan, 0.2 percentage points faster than the growth in the first nine months.