BEIJING, June 17 Reuters Property investment in China fell 10.1 in the first five months of 2024 from a year earlier, after dropping 9.8 in JanuaryApril, even as policymakers doubled down on efforts to support the ailing sector and shore up consumer confidence.

Property sales by floor area in JanuaryMay fell 20.3 from a year earlier, compared with a 20.2 slump in JanuaryApril, National Bureau of Statistics NBS data showed on Monday.

New construction starts measured by floor area fell 24.2 on year, after a 24.6 drop in the first four months.

Funds raised by China39;s property developers were down 24.3 from a year earlier after a 24.9 fall in JanuaryApril.

China announced historic steps last month to stabilise its crisishit property sector, aiming to clear massive home inventories and boost housing demand.

However, analysts said the measures may not have a huge impact on the sector until falling home prices start to turn around.

Reporting by Ella Cao, Liangping Gao and Ryan Woo; Editing by Kim Coghill

Source Reuters