Property Development Investment Drops 16.3% YoY in January-February, Commercial Housing Sales Floorspace Plunges 39.9%
Official data indicates that the novel coronavirus has inflicted a heavy toll on the Chinese property sector.
Figures from the National Bureau of Statistics (NBS) of China indicate that for the period from January to February nationwide property development investment was 1.0115 trillion yuan, for a YoY decline of 16.3%.
The figure stands in sharp contrast to the 9.9% rise in property development investment in China for full-year 2019.
Residential investment totalled 731.8 billion yuan for the Jan-Feb period, for a decline of 16.0%.
The commercial housing sales floorspace for China was 84.75 million square meters for the period from January to February, for a YoY decline of 39.9%.