In the January-August period this year, total real estate investments in China amounted to RMB 7.69 trillion ($1.1 trillion), down 8.8 percent year on year, compared to a drop of 8.5 percent in the January-July period and a fall of 7.9 percent in the first half, 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 739.49 million m2, down 7.1 percent year on year. "The real estate market is still in a phase of correction based on August's data," NBS spokesman Fu Linghui said.
The total area covered by construction activity in China in the given period declined by 7.1 percent year on year, while the major indicator for steel demand - the new area covered by construction activity - decreased by 24.4 percent year on year in the given period, still indicating a double-digit fall and a weak performance.
However, China has issued several stimulus policies to boost the real estate market, which will provide support for the market, especially in the first-tier cities, though it may take more time to observe the overall situation in the real estate market in China as the downward pressure on the market is still strong.
$1 = RMB 7.1786