BEIJING, Nov. 15 (Xinhua) -- China's investment in property development continued to cool in the first 10 months of 2023, down 9.3 percent year on year, the National Bureau of Statistics (NBS) said Wednesday.

Investment in residential buildings came in at 7.28 trillion yuan (1.01 trillion U.S. dollars), down 8.8 percent year on year, NBS data showed.

Commercial housing sales shrank 7.8 percent year on year in terms of floor area to 925.79 million square meters.

In terms of value, commercial housing sales dropped 4.9 percent year on year to 9.72 trillion yuan.

"China's property sector is in the process of transformation," NBS spokesperson Liu Aihua told a press conference.

The overall rigid demand for residential housing and the needs of those who wish to improve their housing conditions remained sufficient in China, said Liu.

As various regions and departments further implement supportive measures for the property sector, and a new property development model gradually takes shape, China's property market will see stable, healthy, and high-quality development in the future, Liu said.

The property development climate index, compiled by the NBS, came in at 93.4 points in October.