Citing data from the National Bureau of Statistics (NBS), Callanish reported that China’s total real estate investment from January to May 2024 reached 4.06 trillion yuan ($560 billion), down 10.1% year-on-year.
Investment in this sector in May was 970.4 billion yuan, up 9.7% from April but down 4.7% from the same month last year.
In the first five months of the year, property sales by area fell 20.3% year-on-year to 366.4 million square meters. In May, sales increased 12.2% month-on-month, but compared to May 2023, they were down 16.1%.
Beijing last month announced a series of measures to rescue the real estate sector, including injecting 300 billion yuan ($41.4 billion) into buying up unsold homes and repurchasing unused land.
National Bureau of Statistics spokesperson Liu Aihua said it was important to realize that it would take some time for the effects of policy measures to be felt and that the property market was still in a process of adjustment.
China’s industrial production grew 5.6% in May this year compared to May 2019. Last month’s growth rate fell short of analysts’ expectations (+6% year-on-year), and the slowdown in the real estate sector showed no signs of easing despite support measures.
As previously reported by GMK Center, China’s steel production in May this year increased 8.1% month-on-month to 92.86 million tons, up 2.7% from May 2023. Over the past five months, Chinese steel companies have recorded a 1.4% decrease in steel production year-on-year.
