NBS: Real Estate Development Investment in China Drops 10.0% in 2022

SHANGHAI, Jan 17 (SMM) - According to the data released by the National Bureau of Statistics (NBS), real estate development investment in China was 13.29 trillion yuan throughout 2022, a year-on-year decrease of 10.0%, of which the investment in residential housing stood at 10.06 trillion yuan, down 9.5% from 2021. The total floor spaces under construction by real estate enterprises were 9,049.99 million square metres, a year-on-year decrease of 7.2%. Among them, the floor space of residential housing under construction stood at 6,396.96 million square metres, a decrease of 7.3% from 2021. The floor spaces of new housing starts were 1,205.87 million square metres, down 39.4% on the year. Among them, the floor spaces of new residence starts were 881.35 million square metres, a decrease of 39.8%. The floor spaces of new housing completions stood at 862.22 million square metres, down 15.0% YoY. Among them, the floor spaces of new residence completions were 625.39 million square metres, down 14.3% year-on-year.