subject: Aarkstore Enterprise---annual Report On China's Real Estate Industry, 2008 [print this page] In the Jan.-DecIn the Jan.-Dec. Period of 2008, China saw a combined investment of RMB 3,058 billion in real estate development, growing 20.9% year on year, with the growth rate falling 1.8 percentage points in the Jan.-Nov. period. Among the combined investment, the residential real estate investment amounted to RMB 2,208.1 billion, rising 22.6% over a year earlier, with the growth rate declining 2.6 percentage points, and accounting for 72.2% of the real estate investment.
In the same period, Chinese real estate developers witnessed a total floor space of 2.74 billion square meters under construction, growing 16.0% from a year earlier; a newly commenced floor space of 980 million square meters, increasing 2.3% compared to 2007; and a completed floor space of 590 million square meters, falling 3.5%. The floor space of the residential real estate completed was 480 million square meters, reducing 4.2%. Chinese real estate developers bought 370 million square meters of land, down 8.6% year on year, and completed a land development area of 260 million square meters, down 5.6% year on year.
In Jan. to Dec., 2008, the floor space of the commercial real estates sold amounted to 620 million square meters, down 19.7% year on year. The floor space of the commercial residential houses fell 20.3%. The sales volume of the commercial real estates hit RMB 2,407.1 billion, down 19.5% year on year, while the sales volume of the commercial residential houses declined 20.1% in the period. By the end of December, the vacant floor space of the commercial real estates stood at 164 million square meters, an increase of 21.8% from a year ago, with the increase rate rising 6.5% in the Jan. ~ Nov. period. Among the total vacant floor space, that of the commercial residential houses grew 32.3% year on year to 90.69 million square meters, with the growth rate rising 9.4 percentage points.
