China Q1 Real Estate Investment Rises 23.5%

Real estate investment in China surged 23.5% y/y in the January to March period, according to data released by the National Bureau of Statistics. New construction in terms of floor area rose 0.3% to 399.5 million square meters. However, sales of residential and commercial property dropped 14.6% y/y to 867.2 billion yuan ($137.69 billion).