REAL estate investment in China quickened in April while property sales fell at a much slower pace, media calculations based on official data showed Friday, providing some relief as China looks to restart the economy from coronavirus-related shutdowns.

The property market is a key driver of growth in the world’s second largest economy and was among many segments of the Chinese economy hit by the coronavirus and tough containment measures.

Property investment, which mainly comprises residential housing but also includes offices and other commercial building, rose 7 percent in April, picking up from meagre gain of 1.2 percent in March, showed calculations from National bureau of Statistics (NBS) data.

It still fell 3.3 percent in the first four months of 2020 from a year earlier.

Property sales also showed signs of improvement, falling 2.1 percent measured by floor area compared with 14.1 percent in March, calculations showed. They still fell 19.3 percent in the first four months of the year, largely due to a market freeze in the first two months of this year as citywide lockdowns paralyzed business activity and kept would-be buyers away from showrooms.

New construction starts measured by floor area fell just 1.3 percent from a year earlier, compared to a 10.4 percent drop in March.

Funds raised by China’s property developers fell 10.4 percent in the January-April period, but they were better than a 13.8 percent drop for the first three months of the year.

The central bank has pledged to step up policy measures to support the economy, although it still cautioned against property bubble risks.(SD-Agencies)