Chinese real estate investment up 3.7% in January-February

Aerial photo taken on Sept. 11, 2020 shows a view of downtown Shenzhen, south China’s Guangdong Province. (Xinhua/Mao Siqian)

BEIJING, March 15 (Xinhua) — China’s investment in real estate development rose 3.7 percent year on year in the first two months of this year, data from the National Bureau of Statistics (NBS) showed on Tuesday. ).

During this period, real estate investment amounted to about 1.45 trillion yuan (about 227.42 billion U.S. dollars), according to NBS data.

Investment in residential buildings rose 3.7 percent from a year earlier to nearly 1.08 trillion yuan between January and February. period.

During the same period, commercial housing sales fell 9.6% year-on-year in terms of floor area to 157.03 million square meters.

In value terms, sales of commercial homes fell 19.3% to around 1.55 trillion yuan.

In this year’s government work report, China reiterated the principle that “housing is for living in, not for speculation”, pledging to maintain land prices, housing prices and stable market expectations and to adopt city-specific measures to facilitate positive circulation and healthy development in the real estate sector.

According to the report, the country will act more quickly to develop the long-term rental market, promote the construction of government-subsidized housing and support the basic housing market by better meeting the reasonable needs of homebuyers.