Annual Report on China's Real Estate Industry, 2008Annual Report on China's Real Estate Industry, 2008
By: MarketAvenue 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%. Table of Contents Chapter One: Overall Operation Status of China Real Estate Industry, 2008 1.1 Real estate investment 1.2 Fundraising 1.3 Land Purchase & Development 1.3.1 Area of land purchased 1.3.2 Area of land developed 1.4 Construction 1.5 Sales 1.5.1 Commercial housing sales 1.5.1 Commercial residential housing sales 1.5.3 Sales price Chapter Two: Housing Prices in 70 Chinese Medium & Large Cities in Dec., 2008 2.1 Sales Price of Newly Built Residential Houses Fell 0.8% from 2007 2.2 Sales Price of Second-hand Residential Houses Fell 0.1% from 2007 2.3 Sales Price of Newly Built Non-residential Houses Rose 0.8% over 2007 Chapter Three: Real Estate Climate Index, Dec., 2008 Chapter Four: Real Estate Market Development in Chinese Hotspot Cities, 2008 4.1 Beijing: Development Investment Maintained Downward Trend, Sales Remained Sluggish 4.1.1 Development investment picked up gradually, but still presented an overall downward trend 4.1.2 Project construction pace slowed down, development area generally declined 4.1.3 Sales slightly recovered, but remained stagnant overall 4.1.4 Vacant floor space growth accelerated 4.1.5 Real estate sales price declined, but remained high overall 4.1.6 Current-year financing declined, but internal financing kept rising 4.2 Chongqing: Real Estate Development Investment Growth Slowed Down 4.2.1 Real estate development investment 4.2.2 Floor space of commercial houses decreased, and vacant floor space increased 4.2.3 Newly commenced area declined, and proportion of completed floor space to floor space under construction fell 4.2.4 Current-year financing basically remained the same as previous year 4.2 Wuhan: Real Estate Development Investment Grew Steadily, Trading Volume Declined while Price Remained Stable 4.3.1 Market operation profile 4.3.2 Market operation characteristics 4.3.3 Market operation problems & analysis 4.3.4 Relevant measures to promote healthy development of real estate market 4.4 Guangdong: Development Investment Growth Slowed Down Obviously 4.4.1 Real estate development investment 4.4.2 Land purchase 4.4.3 Commercial house construction 4.4.4 Commercial house trading 4.4.5 Second-hand house trading 4.4.6 Vacancy of commercial houses Chapter Five: Review of 2008 China Real Estate Market Policies Chapter Six: China Real Estate Market: 2008 Review & 2009 Outlook 6.1 Review of 2008 China Real Estate Market 6.1.1 Analysis of domestic & foreign environment influencing real estate development 6.1.2 Problems in 2008 China real market operation 6.2 2009 Real Estate Market Development Outlook Chapter Seven: China Real Estate Credit Market Development Research amid Subprime Lending Crisis 7.1 Problems in China Real Estate Credit Market Development 7.1.1 Low interest rate policy stimulated real estate development 7.1.1 Lack of effective financial innovation supervision stimulated the occurrence of real estate market bubble 7.1.3 Commercial banks relaxed loan conditions amid rising house price 7.2 Lessons Provided by Subprime Lending Crisis for China Real Estate Credit Market 7.2.1 Intensify credit extension conditions, prevent real estate credit risk 7.2.2 Stress risks of financial innovation 7.2.3 Strengthen supervision of real estate credit market 7.2.4 Improve relevant laws, regulations and system construction Selected Charts China Fixed Assets Investment & Real Estate Development Investment Growths, Jan.-Dec., 2008 China Real Estate Development Investment by Regions, Jan.-Dec., 2008 Regions with over 35% Real Estate Development Investment Growth in China, Jan.-Dec., 2008 China Investment Completed in Commercial Residential Houses, Office Buildings and Commercial Operation Houses, Jan.-Dec., 2008 China Residential Real Estate Development Investment by Regions, Jan.-Dec., 2008 Proportions of Real Estate Development Investment in China, Jan.-Dec., 2008 Proportions of Affordable Houses in Commercial Residential Houses in China, Jan.-Dec., 2008 Paid-in Fund for Real Estate Development in China, Jan.-Dec., 2008 China Real Estate Development Finding Sources, Jan.-Dec., 2008 China Land Purchase Profile, Jan.-Dec., 2008 Regions Buying 40% More Lands than Previous year in China, Jan.-Nov., 2008 Regions Buying 30% Less Lands than Previous year in China, Jan.-Nov., 2008 China Land Development Profile, Jan.-Dec., 2008 Regions Completing 20% More Land Development than Previous year in China, Jan.-Nov., 2008 China Construction of Commercial Houses, Commercial Residential Houses, Office Buildings and Commercial Operation Houses, Jan.-Nov., 2008 China New Construction of Commercial Houses, Commercial Residential Houses, Office Buildings and Commercial Operation Houses, Jan.-Nov., 2008 China Completion of Commercial Houses, Commercial Residential Houses, Office Buildings and Commercial Operation Houses, Jan.-Nov., 2008 Floor Spaces of Sold Commercial Houses by Types, Jan.-Nov., 2008 Regions Selling More Commercial Houses than Previous year in China, Jan.-Dec., 2008 # 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