November Real Estate Growth Slowest in 2014, Land Sales Growth Shrinks

Real estate investment slowed again in November, this time to 7.59% year-on-year growth. This is the worst monthly growth total since September's 8.63% growth, and going back in time, these numbers are worse than only a couple of months in 2009, at the depth of the financial crisis. I show the one month, yoy change in the last chart, which shows investment running below trend.

The drop in land sales was no doubt led by smaller cities, as covered earlier this week in A Tale of Two Tiers.

Charts after the break.

Full NBS report in Chinese here.

Real Estate Investment Growth Rate

Land purchases by developer (area)

New Home Sales By Area (yellow) and Yuan (blue)

Developer Capital

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