China's building materials sector picks up

BEIJING - China's building materials sector warmed up in the first three quarters this year as the country's housing market gained momentum, official data showed on Thursday.

Cement output rose 2.6 percent year on year to 1.77 billion tons,compared with the 4.7 percent drop during the same period last year, said the National Development and Reform Commission (NDRC).

Output of flat glass increased 4.1 percent, compared with the 7.5 percent drop during the same period last year.

The data came as the property sector, a major consumer of cement and flat glass, gained momentum in the first nine months boosted by interest rate cuts and lower deposits.

Of 70 large and medium-sized cities surveyed in September, 63 saw new home prices climb month on month, according to the National Bureau of Statistics (NBS).

China's property sector investment rose 5.8 percent year on year in the first nine months of 2016, higher than 5.4 percent posted in the first eight months and 5.3 percent for the January-July period, according to the NBS.

However, the property market has become increasingly diversified, with major cities reporting record prices and smaller cities struggling with oversupply.