OREANDA-NEWS  The volume of investments in the Chinese real estate sector in January-July decreased by 10.2 percent year-on-year, to $852 billion at the current exchange rate. This is reported by TASS with reference to the State Statistical Office of the People's Republic of China.

According to official data, the total area of commissioned buildings in the country, including the residential real estate sector, collapsed by 21.8 percent during the specified period. In the housing sector under construction, the decrease was 12.7 percent (to 4.91 billion square meters).

China's construction sector, investments in which once provided the country's economy with rapid growth, has been going through hard times in recent years. In 2021, still recovering from the effects of the pandemic, China faced the collapse of the largest developer, Evergrande, and then other market participants had problems.

In an effort to stabilize the country's real estate market, the People's Bank of China in May dramatically simplified the conditions for purchasing housing, including reducing the amount of down payment for buyers. Also, according to Bloomberg, the country's authorities are considering the possibility of buying out a significant number of unsold apartments and residential buildings from troubled developers for the same purpose.