The Week in Numbers: China Property Sales Drop

China property sales by floor area dropped 1.5% in September from a year ago. This is the first yearly decline in 30 months. This was a sharp decline from August’s 4.3% yearly increase and 34% increase in September last year.

Property investments increased by 9.2% in September, a pickup from August’s 7.8% expansion. However, analysts did note that these investments usually lag sales trends by up to six months.

The softening property activity may have contributed to the slowdown in the overall economy, which expanded at 6.8% in the third quarter. This was slightly slower than the 6.7% increase in the second quarter of this year.

Meanwhile, New Zealand appointed Jacinda Arden as the prime minister. She is the youngest prime minister in more than 150 years. This capped a memorable election for the 39-year-old who only became Labour’s leader less than two months ago. Although her party only managed 36.9% of the vote, compared to National’s 44.4%, they managed to win 63 of the 120 available seats, together with their ally, the Green Party.

Back in Singapore, exports dropped 1.1% in September on an annual basis, the worst performance in nine months. This was mainly due to electronic products export declining 7.9% from a year earlier.

Elsewhere in Asia, Malaysia’s non-oil exports grew a solid 21.3%, lifted by a 46.6% surge in electronics. Hong Kong had a 33.7% decline in electronics, from August’s 30.2% gain.

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