The latest numbers on real estate investment in China have just been released by the National Bureau of Statistics, and despite the recent negative publicity that the nation’s property market has received, investment has grown quickly so far this year.
Total Real Estate Investment Rising
The total investment in real estate development in the first two months of 2013 was 667.0 billion yuan, up by 22.8 percent year-on-year in nominal terms, 6.6 percentage points higher than for the same period of 2012. Of this investment, spending on residential buildings was 458.3 billion yuan, up by 23.4 percent from 2012 and accounted for 68.7 percent of overall real estate development investment.
Investment Breakdown by Region
In the first two months, property sector investment in eastern, central and western China was as follows:
- Eastern China totaled 402.4 billion yuan, up by 20.9 percent year-on-year
- Central region stood at 124.1 billion yuan, went up by 24.6 percent
- Western region attracted 140.5 billion yuan, up by 26.8 percent
Land Purchases Slowing
In the first two months, the land area purchased by the real estate development enterprises totaled 38.13 million square meters, a year-on-year decrease of 18.6 percent. However, the value of total land transactions reached only 91.9 billion yuan, a decrease of 12.0 percent compared to 2012.