The National Bureau of Statistics (NBS) announced real estate investment data for August on Sunday 9 September.
One of Beijing’s key policy adjustments has begun to gain traction, with residential property investment and starts showing significant improvement in August. This, along with a steady rise in infrastructure spending, has not yet generated the stronger industrial output needed to accelerate the pace of macroeconomic growth, but data out today raises our confidence that the modest recovery we’ve been anticipating is likely to come in the fourth quarter. There are no signs of a hard landing, and no signs of the Party initiating a serious stimulus.CPI ticked up just a fraction last month, as expected, but at 2% in August and 2.9% YTD, inflation is not a monetary policy obstacle in China. Full-year CPI is expected at about 3%.
According to data released by the National Bureau of Statistics (NBS) on September 9, total investment in real estate development for the January-August period was CNY 4.37 trillion, up 15.6 percent year-on-year in nominal terms, 0.2 percentage points higher than that for the January-July period. Investment in residential properties from January to August grew 10.6 percent year-on-year — 0.1 percentage points lower than that for the January-July period – to CNY 3 trillion, accounting for 68.6 percent of total real estate investment.
In the first eight months, the construction of 907.55 million square meters of residential properties was started, down 11.1 percent year-on-year. The construction of 358.01 million square meters of residential properties was completed, up 20.4 percent year-on-year.
In the same period, real estate developers purchased 236.24 million square meters of land, down 16.2 percent year-on-year, compared to a 24.3 percent decline in the January-July period. Land transaction value amounted to CNY 480 billion, down 7.6 percent year-on-year, compared to a 16.9 percent drop in the first seven months of this year.

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