Posted on 20 Jan 2025
China's fixed asset investment (FAI) increased by 3.2% on year to total Yuan 51.44 trillion ($7.02 trillion) in 2024, according to the latest release by the country's National Bureau of Statistics (NBS) on Friday morning. However, the funding in the domestic property market within the total was still lower by 10.6% from 2023 at Yuan 10.03 trillion.
In 2024, the contribution of privately-owned enterprises to China's FAI slipped by 0.1% on year to Yuan 25.76 trillion, accounting for 50.08% of the total. The tertiary sector attracted the most funding among the three economic sectors, with the amount lower by 1.1% on year to Yuan 32.58 trillion. Of that, the funding in infrastructure construction grew by 4.4% on year though.
As for the property industry, about Yuan 7.6 trillion of the funding went into residential housing projects in the past year, down by 10.5% from 2023, according to the NBS data.
China's total area of newly-launched property projects in 2024 slid by 23% on year to 738.93 million sq m, with that of residential housing projects also down by 23% on year to 536.6 million sq m.
Meanwhile, the property sales by floor area across the county fell by 12.9% on year to total 973.85 million sq m for January-December 2024, but the pace slowed from the 14.3% loss recorded in the January-November period. The on-year fall in residential housing sales also narrowed from the prior 16% to sit at 14.1%. By region, East China still ranked the top with property sales of 450.55 million sq m in 2024, while the figure remained lower by 12.7% from the year before.
By the end of last December, inventories in the Chinese property market rose by 10.6% on year to 753.27 million sq m. The same month, the country's property market climate index, though staying in the negative zone, improved for seven consecutive months to reach 92.78, slightly higher than the 92.62 reading in November.
Source:Mysteel Global
