Posted on 15 Sep 2023
China's fixed asset investment (FAI) increased by 3.2% on year to total Yuan 32.7 trillion ($4.5 trillion) over January-August, according to the latest release by the country's National Bureau of Statistics (NBS) on Friday morning. Within the total, the funding in the domestic property market declined by 8.8% on year to Yuan 7.7 trillion.
During the first eight months, China's privately-owned enterprises contributed Yuan 16.9 trillion, or 51.8% of the country's total FAI, down by 0.7% on year. The tertiary industry attracted the most funding among the three economic sectors, with the amount gaining 0.9% on year to Yuan 21.8 trillion. In particular, the funding in infrastructure construction climbed 6.4% on year, according to the NBS data.
As for the property sector, about Yuan 5.8 trillion in the country's total funding in it went into residential housing projects, or 8% lower on year.
In parallel, the total area of China's newly-launched property projects slumped by 24.4% on year to 638.9 million sq m over January-August, with residential housing projects also decreasing by 24.7% on year to 466.4 million sq m.
Over January-August, China's property sales by floor area added up to 739.5 million sq m, down by 7.1% on year, among which residential housing sales also declined by 5.5% on year. By region, East China ranked the top with property sales of 334.7 million sq m in the eight months, and the volume went down by 3.9% on year, the NBS data showed.
By end-August, inventories in the Chinese property market grew by 18.2% on year to 648 million sq m, and the country's property market climate index went lower in the negative zone to 93.56 from 93.78 in July.
Source:Mysteel Global
