The news reports a 9.1% decline in Chinese real estate investment during the first nine months of 2023 compared to the previous year. This contraction indicates a reduced level of spending by property developers in China on activities such as land acquisition and housing construction.
The data further reveals a substantial drop in construction starts measured by floor area, with a 23.4% year-on-year decrease, and a 7.1% reduction in the total ongoing construction area. These statistics are provided by the National Bureau of Statistics (NBS), suggesting a notable slowdown in the Chinese real estate market.
Experts urge tax reform in real estate to boost homeownership
In Nigeria, stakeholders in the real estate sector are urging federal and state governments to review taxes in the sector...
