Real estate is still under pressure

Fixed-asset investment rose 5.9 per cent in the first nine months of the year. However, property sales, measured by floor area, were down 22 per cent and new constructions starts have slumped 38 per cent, while property investment has dropped 8 per cent.

$Goldman Sachs (GS.US)$ analysts noted that property-related activity data remained depressed in September, especially for new home starts and property sales. New home transaction volume across 30 cities had declined by 18 per cent year on year in October so far, according to Goldman data.

“Despite more local housing easing measures in recent months, we believe the property markets in lower-tier cities still face strong headwinds from weaker growth fundamentals than large cities, including net population outflows and potential oversupply problems,” $Bank of America (BAC.US)$ said.

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