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China's property sales down 14.6% in Q1

Apr. 16, 2012 (China Knowledge) - The sales of properties developed by China's real estate companies decreased 14.6% year on year to RMB 867.2 billion in the first three months of this year, after falling 20.9% in the first two months, according to latest statistics released by the National Bureau of Statistics.
The country's sales of residential properties declined 17.5% year on year to RMB 709.9 billion during the 3-month period, and sales of properties for office use fell 10.2% to RMB 40.2 billion. Sales of properties for commercial purpose rose 10.5% to RMB 101.7 billion.
Property sales in East China saw the biggest decline of 19.9% year on year, hitting RMB 521.5 billion. Property sales in Central and West China slid 1.9% and 7.6% year on year to RMB 159.2 billion and RMB 186.5 billion, respectively.
Real estate developers in China sold 152.39 million square meters of properties during the period from January to March, down 13.6% compared with the corresponding period of 2011.  

Sales area of residential properties decreased 15.5% year on year to 133.87 million sq m during the reporting period. There was a year-on-year increase of 11.4% in sales area of office properties, which stood at 3.872 million sq m, and 5.9% increase in sales area of commercial properties, which hit 11.08 million sq m.

The NBS said that the country's investment in the property development saw a slower growth of 23.5% year on year to RMB 1.09 trillion in the first three months, of which RMB 744.3 billion was for residential property development, 19.0% more than that in the same period of last year.

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