BEIJING: Property sales by floor area in China fell 8.5% in 2023, compared with a 8.0% decline in the first 11 months of 2023, official data showed on Wednesday, suggesting the sector is still struggling to regain its footing amid weak demand.

Property investment dropped 9.6% in 2023 from the same period a year earlier, after slumping 9.4% in January-November, according to data from the National Bureau of Statistics (NBS).

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New construction starts measured by floor area tumbled 20.4% in 2023, after a 21.2% slide in the first eleven months.

Funds raised by China’s property developers were down 13.6% in January-December after a 13.4% fall in January-November.