HONG KONG -- Chinese data released on Tuesday shows a steep decline in real estate investment in the first seven months of the year, as developers' sales dropped and cash availability decreased.
The National Bureau of Statistics announced that overall investment in real estate development for the January-July period came to 6.77 trillion yuan ($943.5 billion), an 8.5% decrease from a year earlier. The main culprit was residential housing investment, which accounts for about three-quarters of the total, as it dropped by 7.6%.
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