China’s real estate market is recovering with investments, according to China Iron and Steel Association. In May, real estate investment in China increased by 8.1pc to CNY1,281.7bn ($181.1bn) from the previous year.
From the beginning of 2020, the COVID-19 pandemic badly affected the real estate market in China. According to the National Bureau of Statistics, investment is real estate from January to May declined by 0.3pc to CNY459.2bn from the previous year.
In terms of different regions, investment in China’s Western region increased by 5.6pc to CNY1,027.5bn during the same period from a year ago. Investment in Northeast China rose by 0.5pc to CNY150.4bn. In the first five months, real estate investment in the eastern region declined by 0.1pc to CNY2,519 trillion.
Central China’s Hubei province was the epicentre of the COVID-19 pandemic, and so investment in central China declined by 6.8pc to CNY905.1bn.