China Property Slump Deepens as Beijing Mulls More Stimulus
- Investment in development fell 9.3% through first 10 months
- Beijing plans 1 trillion yuan in housing financing package
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The contraction in China’s home sales and property investment both deepened in October, a steeper downturn that may push the government to do more to shore up the struggling housing market.
Investment in property development fell 9.3% in the first 10 months of 2023, compared with a 9.1% decline in January-September, data published Wednesday by the National Bureau of Statistics showed. Economists surveyed by Bloomberg had forecast it stabilizing at a drop of 9.1%.