{"id":78936,"date":"2020-03-24T06:43:54","date_gmt":"2020-03-24T06:43:54","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/chinas-construction-industry-collapses-first-two-months\/"},"modified":"2025-09-19T08:52:55","modified_gmt":"2025-09-19T08:52:55","slug":"chinas-construction-industry-collapses-first-two-months","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/chinas-construction-industry-collapses-first-two-months\/","title":{"rendered":"China’s construction industry collapses in the first two months"},"content":{"rendered":"
\n

The number of new housing starts in China over January-February slumped by 45% year on year as a result of quarantined construction workers, while residential house prices in February recorded their weakest growth since July 2018, according to National Bureau of Statistics data.<\/em><\/p>\n

The lack of activity saw rebar inventories climb and domestic rebar prices in Beijing falling to Yuan 3,390\/mt at the start of March from Yuan 3,700\/mt ($528\/mt) before the Lunar New Year break, according to S&P Global Platts data.<\/p>\n

Floor space under construction in January-February rose by 2.9% year on year to nearly 6.94 billion sq m, the NBS data released Monday showed. This was less than half the 6.8% growth seen in the same period of 2019.<\/p>\n

Property market investment fell by 16.3% to Yuan 1.011 trillion ($0.144 trillion) over January-February. Funding for residential property projects contributed 72% of the total, down 16% year on year to Yuan 731.8 billion.<\/p>\n

During the same period, China's property developers obtained 10.92 million sq m of new land leases, down 29.3% from a year earlier. The total value of these new leases equaled Yuan 44 billion, down 36.2% year on year.<\/p>\n

House sales fell by almost 40% while average house prices in 70 Chinese cities monitored by the NBS rose by 5.8%, compared with a 6.3% increase in January.<\/p>\n

China's total fixed asset investment dropped by 24.5% year on year in the first two months of 2020 to Yuan 3.332 trillion ($0.476 trillion).<\/p>\n

Investment in infrastructure construction declined by 30.3% year on year in the first two months, compared with a 4.3% rise in the same period a year ago. China has been speeding up its infrastructure investment since mid-last year and the lackluster January-February numbers could potentially result in further investment.<\/p>\n

But provincial governments have struggled to finance infrastructure projects and the lack of revenues during the coronavirus outbreak could further hamper these efforts.<\/p>\n

The weak property construction data comes as no surprise as China has been in virtual lockdown since the end of January. The sector accounts for around 35% of steel consumption, and was expected to shoulder most of the steel demand burden this year.<\/p>\n<\/div>\n

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