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MARKET WATCH
Annual Report on China's Real Estate Industry, 2008
Published: Feb. 2009
Product Code: MAQR0408004
Hard Copy  USD 1,000
Electronic PDF  USD 3,500
Enterprisewide  USD 4,500
Description
In 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.
 
In the Jan.-Dec. period of 2008, the real estate developers raised RMB 3,814.6 billion in the period, up 1.8% year on year. The total financing included RMB 725.7 billion in domestic loans, up 3.4% year on year, RMB 1,508.1 billion in domestic financing, up 28.1% year on year, and RMB 1,508.2 billion in other funds, down 16.4% year on year. The personal mortgage loans amounted to RMB 357.3 billion, down 29.7% year on year.
 
To date, the real estate market has suffered the continuous downslide, and the housing price has considerably fallen down, marking that the era of exorbitant profit in China's real estate industry has come to an end, and China real estate market has started the return to rationality after the 10-year price markup. It is expected that the real estate industry will maintain an overall trend of adjustment in 2009, accompanied by an investment growth rate down to below 10%.

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