In the January-July period of the current year, the new area covered by construction activity in China decreased by 0.9 percent year on year, as announced by China's National Bureau of Statistics (NBS), shifting from a year-on-year rise of 3.8 percent recorded in the first half this year.
This is the first decline seen this year, which signals that the government is working for the reduction of speculative activity and is attempting to control supply in the real estate market.
At the same time, in the January-July period total real estate investments in China amounted to RMB 8.4895 trillion ($1.31 trillion), up 12.7 percent year on year, 2.3 percentage points slower than the rise recorded in the first six months this year, indicating the slowing down in the real estate industry due to the central government’s measures to curb quick rises, while up 16.5 percent compared to the same period of 2019.
In the first seven months, new commercial real estate sold in China covered a total area of 1016.48 million m2, up 21.5 percent year on year, while up 14.5 percent compared to the same period of 2019.
The total area covered by construction activity in China in the given period increased by 9.0 percent, down 1.2 percentage points compared to that recorded in the first six months.