China home sales sustain growth in August

BEIJING–Home sales in China kept growing in August, as the property market recovered faster than expected from the coronavirus pandemic, propelling overall economic momentum.

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Home sales by volume in January-August rose 4.1% from a year earlier, following a 0.4% increase in the January-July period, according to data released Tuesday by the National Bureau of Statistics.

Property investment, including in commercial and residential real estate, rose 4.6% in the first eight months of the year, extending the 3.4% increase in the January-July period.

Construction starts fell 3.6% in the eight-month period, narrowing from a 4.5% decrease in the first seven months of the year.

China is mulling stricter controls over the debt ratios of developers amid worries over a possible property crash. Previously, authorities mainly curbed home buying and property prices, but it is now starting to regulate developers with debt risk in order to avoid an overheating market and financial bubbles.

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