According to the National Bureau of Statistics, investment real estate development in China increased by 9.1 percent y-o-y in the first quarter of the year to 1,929.2 billion yuan, 2.2 percentage points faster than last year, and 0.2 percentage point faster than the first two months.

In particular, the investment in residential buildings went up by 11.2 percent. The floor space started was 315.60 million square meters, up by 11.6 percent year on year. Specifically, the floor space of residential buildings newly started went up by 18.1 percent. The floor space of commercial buildings sold was 290.35 million square meters, up by 19.5 percent.

The floor space of residential buildings sold was up by 16.9 percent. The total sales of commercial buildings were 2,318.2 billion yuan, a growth of 25.1 percent. Specifically, the sales of residential buildings were up by 20.2 percent. The land space purchased for real estate development was 37.82 million square meters, up by 5.7 percent year on year.

By the end of March, the floor space of commercial buildings for sale was 688.10 million square meters, 17.45 million square meters less than that at the end of February. The funds in place for real estate development enterprises in the first quarter reached 3,566.6 billion yuan, up by 11.5 percent year on year.

Source: NBS

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