In the January-July period this year, total real estate investments in China amounted to RMB 7.9462 trillion ($1.2 trillion), down 6.4 percent year on year, as announced by China's National Bureau of Statistics (NBS).
In the given year, new commercial real estate sold in China covered a total area of 781.78 million m2, down 23.1 percent year on year.
The total area covered by construction activity in China in the given period declined by 3.7 percent year on year. Nevertheless, the new area covered by construction activity decreased by 36.1 percent year on year in the given period.
As a key industry with strong demand for steel, the outbreaks of the Covid-19 pandemic in China negatively affected the real estate industry, while financial problems, especially the debt defaults of several major real estate developers also exerted a negative impact on the industry, which weakened the demand for steel accordingly.