China's Real Estate Investment and Sales Decline in H1 2023, Pending Inventory Down Slightly
[SMM Aluminum Express] Data from the National Bureau of Statistics (NBS) show that in January-June, national real estate development investment amounted to 3,807.4 billion yuan, a YoY decrease of 18.0%; of this, residential investment was 2,930 billion yuan, down 17.8%. In January-June, the floor space of newly built commercial buildings sold totaled 401.4 million m², a YoY decrease of 11.6%; of this, residential floor space sold declined by 12.4%. The sales revenue of newly built commercial buildings was 3,794.5 billion yuan, down 13.6%; of this, residential sales revenue fell by 13.7%. At end-June, the floor space of commercial buildings pending sale stood at 763.15 million m², a YoY decrease of 0.9%. Of this, the floor space pending sale for less than 3 years was 561.67 million m², a decrease of 3.5%.