In the January-November period this year, total real estate investments in China amounted to RMB 10.4045 trillion ($1.5 trillion), down 9.4 percent year on year, as announced by China's National Bureau of Statistics (NBS).
In the given period, new commercial real estate sold in China covered a total area of 1.00509 billion m2, down 8.0 percent year on year.
The total area covered by construction activity in China in the given period declined by 7.2 percent year on year. Nevertheless, the new area covered by construction activity decreased by 21.2 percent year on year in the given period.
The real estate development prosperity index in November this year stood at 93.42, up from 93.4 recorded in October.
According to the Central Economic Working Conference, China will actively yet prudently defuse risks in the real estate industry and promote the steady and sound development of the industry. Moreover, China will accelerate the construction of government-subsidized housing, public infrastructure construction, and the rebuilding of villages inside megacities. The real estate market is expected to improve further in 2024.