A slew of key indices for China’s property market posted declines in the month of May.
The “2019 May National Real Estate Market Report” (2019年5月全国房地产市场报告) released by the Shanghai E-house Real Estate Research Institute (上海易居房地产研究院) indicates that during the period from January to May the land purchase floorspace for real estate development enterprises fell 33.2% YoY.
The average land purchase price was 4389 yuan per square metre, for a YoY decline of 3.5% and the first YoY drop since 2012.
During the period from January to May nationwide real estate developer investment rose 11.2% YoY, with residential investment rising 16.3%, office investment declining 3.6% and commercial usage space falling 9.7%.
The new construction floorspace of developers rose 10.5%, while the commercial housing sales floorspace fell 1.6% YoY, for an expansion of 1.3 percentage points compared to the January – April period.
