BEIJING, July 15 Reuters Property investment in China fell 10.1 in the first half of 2024 from a year earlier, matching a figure in JanuaryMay, suggesting the sector is still not out of the woods despite mounting policy support.

Property sales by floor area in JanuaryJune fell 19.0 from a year earlier, shallower than a 20.3 slump in JanuaryMay, National Bureau of Statistics NBS data showed on Monday.

New construction starts measured by floor area fell 23.7 on year, after a 24.2 drop in the first five months.

Funds raised by China39;s property developers were down 22.6 from a year earlier after a 24.3 fall in JanuaryMay.

Although recent measures are expected to boost demand in major cities, small cities continue to grapple with excessive housing inventory and lukewarm consumption sentiment, underlining a pressing need for more stimulus to revive local economies.

Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Jacqueline Wong.

Source Reuters