In January this year, total floor space of new houses sold in 40 key Chinese cities declined by 31 percent month on month and by 14 percent year on year, as announced by China Real Estate Information Corporation (CRIC), which is part of E-House, a Shanghai-based real estate transaction service provider.
In particular, total floor space of new houses sold in first-tier Chinese cities decreased by 36 percent month on month and rose by 19 percent year on year, while total floor space of new houses sold in second-tier Chinese cities decreased by 30 percent month on month and by 14 percent year on year. Total floor space of new houses sold in third and fourth-tier cities declined by 30 percent month on month and by 21 percent year on year.