Chinese investment in real estate decreases by5.8% in the first quarter of this year.

In the first quarter of 2023, investments in real estate in China decreased by 5.8% compared to the same period last year, marking a decline from the 5.7% drop recorded in January-February, according to official data released on Tuesday.

Real estate sales by area decreased by 1.8% year-on-year in the first quarter of this year, while a decline of 3.6% was noted in the first two months, according to data from the National Bureau of Statistics (NBS).

The construction of new facilities decreased by 19.2% in January-March compared to the previous year, following a decline of 9.4% in the first two months.

The revenues of Chinese developers fell by 9.0% year-on-year in the first quarter, following a decline of 15.2% in January-February.

The real estate sector in China, which was previously a key driver of the world's second-largest economy, has been affected by regulatory measures aimed at reducing the debt burdens of developers.