NBS: National Real Estate Development Investment Declined 13.7% YoY in January–April

According to data from the National Bureau of Statistics (NBS),

I. Real Estate Development Investment

From January to April, national real estate development investment totaled 2,396.9 billion yuan, down 13.7% YoY (calculated on a comparable basis; see Note 5 for details), of which residential investment was 1,846.4 billion yuan, down 13.1%.

From January to April, the floor space of buildings under construction by real estate development enterprises was 5.4512 billion m², down 12.1% YoY, of which residential construction floor space was 3.7801 billion m², down 12.5%. The floor space of buildings newly started was 139 million m², down 22.0%, of which residential newly started floor space was 100.57 million m², down 23.6%. The floor space of buildings completed was 118.86 million m², down 24.0%, of which residential completed floor space was 84.73 million m², down 25.8%.

II. Sales and Pending Sale of Newly Built Commercial Buildings

From January to April, the floor space of commercial buildings sold (newly built) was 252.58 million m², down 10.2% YoY, with the decline narrowing by 0.2 percentage points compared with January to March, of which residential sales floor space fell 12.2%. Sales revenue of newly built commercial buildings was 2,300 billion yuan, down 14.6%, with the decline narrowing by 2.1 percentage points, of which residential sales revenue fell 15.7%.

At the end of April, the floor space of commercial buildings pending sale was 778.01 million m², down 0.5% YoY, of which the floor space pending sale for less than three years was 579.03 million m², down 2.6%.

III. Funds Received by Real Estate Development Enterprises

From January to April, funds received by real estate development enterprises totaled 2,669.7 billion yuan, down 18.4% YoY, including domestic loans (419.9 billion yuan, down 25.9%), self-raised funds (983.8 billion yuan, down 10.5%), deposits and advance receipts (797.5 billion yuan, down 17.6%), and individual mortgage loans (308.7 billion yuan, down 31.7%).