In the January-May period this year, total real estate investments in China amounted to RMB 4.592 trillion ($0.65 trillion), down just 0.3 percent year on year, 3.0 percentage points slower than the rate of decline recorded in the first four months of the year, signaling a further improvement in the real estate industry, as announced by China's National Bureau of Statistics (NBS)
The year-on-year declines slowed down significantly in real estate sales and new construction over the first five months of the year, as May was a positive month for the industry and demand was improving, moving towards the normal levels seen before the pandemic.
In the January-May period, new commercial real estate sold in China covered a total area of 487.03 million m2, down 12.3 percent on year-on-year basis, 7.0 percentage points slower than the decline recorded in the first four months.
The total area covered by construction activity in China in the January-May period increased by 2.3 percent, 0.2 percentage points lower than the 2.5 percent rise recorded in the first four months. Nevertheless, the decline in the total new area covered by construction activity slowed down to 12.8 percent from 18.4 percent in the first four months of the year.
The performance of the real estate market in the first-tier cities was better than that in the second and third-tier cities in the January-May period.
$1 = RMB 7.0902