On June 15, the State Council Information Office held a press conference on the operation of the national economy in May 2023. Fu Linghui, spokesperson of the National Bureau of Statistics and Director of the Department of Comprehensive Statistics of the National Economy, answered reporters' questions and said that from the next stage, as the economy The recovery is improving, the policy of stabilizing the real estate market is effective, the market is expected to improve, and the real estate market is expected to gradually stabilize.

On June 15, the Information Office of the State Council of China held a press conference in Beijing. Fu Linghui, spokesperson of the National Bureau of Statistics and Director of the Department of Comprehensive Statistics of the National Economy, introduced the operation of the national economy in May 2023 and answered reporters' questions. China News Agency reporter Zhao Wenyu photo

A reporter asked at the meeting: the monthly report on the sales price of commercial residential buildings in 70 large and medium-sized cities just released shows that the sales price of new commercial residential buildings in first-tier cities has increased by 0.1 month-on-month, while that in second-and third-tier cities has increased slightly or remained flat. How do you see the performance of the real estate market? What is the judgment on the next stage?

Fu Linghui said that in February and March this year, as the economic operation resumed normal operation, the previously suppressed housing demand was released quickly, and the real estate market rebounded to a certain extent. With the economic operation gradually returned to the normal track, the real estate market has gradually entered the normal recovery operation situation. Judging from the situation in May, the real estate market is generally stable, but affected by multiple factors, real estate development and construction are still relatively sluggish, and the real estate market is still slowly recovering.

In terms of sales, from January to May, the sales area of commercial housing nationwide decreased by 0.9 percent year-on-year, and sales increased by 8.4 percent, down 0.4 percentage points from January to April.

On June 15, the Information Office of the State Council of China held a press conference in Beijing. Fu Linghui, spokesperson of the National Bureau of Statistics and Director of the Department of Comprehensive Statistics of the National Economy, introduced the operation of the national economy in May 2023 and answered reporters' questions. China News Agency reporter Zhao Wenyu photo

In terms of development and construction, new construction has decreased. With the recovery of the real estate market, the current real estate development enterprises are not willing to develop new projects. From January to May, the area of new housing starts fell by 22.6 year-on-year, and the rate of decline was 1.4 percentage points larger than that from January to April. At the same time, the completed area has increased significantly. Driven by the "guaranteed delivery of buildings" policy, various localities have strengthened the scheduling of key real estate projects, which has driven the rapid growth of real estate completion. From January to May, the completed area of houses increased by 19.6 year-on-year. Affected by the decline in the area of newly started houses and the increase in the area of completed houses, the scale of houses under construction decreased. From January to May, the area of housing construction fell by 6.2 year-on-year, an increase of 0.6 percentage points from January to April. Affected by this, the decline in real estate development investment has expanded. From January to May, real estate development investment fell by 7.2 year-on-year, an increase of 1 percentage point from January to April.

In terms of prices, the sales prices of commercial residential buildings in 70 large and medium-sized cities were basically stable in May. Among them, the sales prices of commercial residential buildings in first-tier cities fell year-on-year, and the sales prices of commercial residential buildings in second-and third-tier cities slowed down.