In the January-March period of the current year, total real estate investments in China amounted to RMB 2.7576 trillion ($0.42 trillion), up 25.6 percent year on year, 12.7 percentage points slower than the rise recorded in the first two months this year, indicating a slowdown in growth in the real estate industry in March amid measures to curb rapid price rises, while up 15.9 percent compared to the first quarter of 2019, as announced by China's National Bureau of Statistics (NBS).
Real estate sales rose by 88.5 year on year in the first quarter this year, while up by 41.9 percent compared to the same period of 2019. In the first three months this year, new commercial real estate sold in China covered a total area of 360.07 million m2, up 63.8 percent year on year, while up 20.7 percent compared to the figure recorded in the same period of 2019.
The total area covered by construction activity in China in the given period increased by 11.2 percent, up 0.2 percentage points compared to the increase recorded in the first two months. Nevertheless, the new area covered by construction activity rose by 28.2 percent year on year in the given period, slower than the huge 64.3 percent rise in the January-February period this year.
According to the blueprint for the economy issued by the Chinese Academy of Social Sciences (CASS), the rises in real estate prices in first-tier and second-tier cities in China will likely continue for a certain period due to the loose monetary conditions in the country.