In the January-October period this year, total real estate investments in China amounted to RMB 9.6 trillion ($1.3 trillion), down 9.3 percent year on year, as announced by China's National Bureau of Statistics (NBS).
In the given period, new commercial real estate sold in China covered a total area of 925.79 million m2, down 7.8 percent year on year.
The total area covered by construction activity in China in the given period declined by 7.3 percent year on year. Nevertheless, the new area covered by construction activity decreased by 23.2 percent year on year in the given period.
The real estate development prosperity index in October this year stood at 93.4, down from 93.44 recorded in September.
CITIC Securities, an investment bank in China, has stated in a new research report that the new area covered by construction activity in China will likely decrease by 15 percent in 2024, while total real estate investments in China will see a year-on-year decline of 8.8 percent in the coming year, as the scale of China’s investments in rebuilding villages inside megacities is quite considerable, which will help balance the weak performance in other sectors of the real estate industry.