In the January-February period this year, total real estate investments in China amounted to RMB 1.3669 trillion ($0.2 trillion), down 5.7 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 151.33 million m2, down 3.6 percent year on year.
The total area covered by construction activity in China in the given period declined by 4.4 percent year on year. The new area covered by construction activity decreased by 9.4 percent year on year in the given period.
The real estate development prosperity index stood at 94.67 in the given period, up from 94.35 recorded in December last year, signaling the improved performance of the real estate market.
The Chinese government has stated that it will stimulate the development of the real estate industry, aiming to ensure steady economic development in 2023, which will positively affect the demand for steel this year.