BEIJING--Growth in housing sales stayed steady in China in the first 10 months of year, but slowed for the month of October alone, after a slew of cities cracked down on their overheated property markets.
Housing sales rose 42.6% in the first 10 months of the year from the same period a year earlier, according to data released Monday by the National Bureau of Statistics. In the year through September, sales rose 43.2%.
However in the month of October, growth in housing sales slowed after at least 21 Chinese cities imposed stricter property-buying controls in the first week of the month, including higher down-payment requirements.
Housing sales by value rose 38.3% in October from a year earlier, slowing from 61.2% growth in September.
The tighter property rules were prompted by worries that rising sales and prices were being fueled by rapidly increasing household leverage.
Official data released last Friday showed that medium- and long-term household loans, which are mostly mortgages, made up 75% of new loans issued in October, up from 47% in September.
Some property developers, however, appeared to gain confidence, spending more on real-estate projects and breaking ground on new homes.
Investment in real-estate development rose 6.6% in January-October, up from 5.8% in the first nine months of the year.
Construction starts, including residential and commercial real estate, rose 8.1% in the year through October to 1.37 billion square meters, compared with a 6.8% gain in the first nine months of the year.
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(END) Dow Jones Newswires
November 13, 2016 22:10 ET (03:10 GMT)
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