Real estate investment slows

Skyscrapers are seen at the Bund in Shanghai, June 6, 2017. [Photo/VCG]

Total investment in real estate development in the first five months of 2017 was 3.76 trillion yuan ($552 billion), with a nominal increase of 8.8 percent year-on-year, dropping slightly since the start of the year.

Investment in residential buildings was up 10 percent, accounting for more than two thirds of real estate development investment.

Meanwhile, land purchased by real estate development enterprises totaled 7580 hectares in the first five months of the year, up 5.3 percent year-on-year. The growth rate dropped 2.8 percentage points from the figure for the first four months.