Total investment in real estate development ups 5.4 pct y/y in China
In the first eight months of 2016, the total investment in real estate development was 6,438.7 billion yuan, up by 5.4 percent year-on-year, which was 0.1 percentage point higher than that in the first seven months of this year or 1.9 percentage points higher over that in the same period of last year, according to the National Bureau of Statistics (NBS).
Of the total, the investment in residential buildings went up by 4.8 percent. Floor space of houses newly started was 1,068.34 million square meters, up by 12.2 percent year-on-year. Specifically, the floor space of residential buildings newly started increased by 11.7 percent. The floor space of commercial buildings sold reached 874.51 million square meters, up by 25.5 percent year-on-year. Of this total, that of residential buildings went up by 25.6 percent.
The sales of commercial buildings were 6,662.3 billion yuan, grew by 38.7 percent year-on-year. Of this total, that of residential buildings grew by 40.1 percent. The land space purchased by real estate development enterprises was 129.22 million square meters, down by 8.5 percent year-on-year. By the end of August, the floor space of commercial buildings for sale reached 708.70 million square meters, 5.12 million square meters less than that at the end of July, a decline for the sixth consecutive month. The funds in place for real estate development enterprises in the first eight months reached 9,157.3 billion yuan, up by 14.8 percent year-on-year.