According to statistics released by the National Bureau of Statistics (NBS) of China, China’s real estate investment in the first quarter of this year fell by 9.9% year on year to CNY 1.9904 trillion, with residential investment falling by 9.0%.
During the period, construction area dropped by 9.5% year on year to 6137.05 million square meters, of which residential construction area down by 9.9%, and newly started housing area slid by 24.4% year on year, with residential dropping by 23.9%. Completed housing area also declined by 14.3% year on year to 130.6 million square meters, with residential down by 14.7%.
New home sales area fell by 3.0% year on year to 218.69 million square meters, and sales value decreased by 2.1%, both with smaller declines than earlier in the January-February period.
In March, the real estate climate index slightly improved to 93.96 from 93.8 in the previous month.