Apr. 17, 2012 (China Knowledge) - Shanghai
saw its sales area of properties fall 14.8% year on year to 3.16 million square meters in the first three months of this year, according to the latest statistics released by the Shanghai
The sales area of residential properties experienced a widened decline of 9.9% year on year, reaching 2.75 million square meters.
During the period from January to March, the city's investment in real estate development rose 0.7% year on year to RMB 47.18 billion, accounting for 52.1% of its total fixed-asset investment.
The city started construction on 7.83 million sq m of properties in the first three months, 19.8% less than that in the same period of last year. The figure included 5.09 million sq m of residential properties, reflecting a decrease of 24.8% year on year.
Meanwhile, 4.29 million sq m of properties was completed during the period, jumping 20.4% year on year.
Official statistics showed that real estate developers in China sold 152.39 million sq m of properties in the first three months, down 13.6% compared with the corresponding period of 2011.