Building Costs Per Square Metre in China – Arcadis & National Bureau of Statistics

Building Costs Per Square Metre in China – Arcadis & National Bureau of Statistics

Spacious 4 Bedroom 3 Bathroom Villa located in the prestige Green Hills compound in Shanghai

China is the world’s most populous nation with about 1.4 billion people, and thus to accommodate this high number of people in an efficient manner, apartments and subdivisions are a more prevalent type of residential dwelling than detached single-family homes which take up too much horizontal space. Vertical expansion and MDUs (multi-dwelling units) save a lot of acreage. Detached single-family homes are the preserve of high net worth individuals in China. This is the high class which can afford to buy private real estate. Despite being a populous country, China doesn’t have housing problems nor shortages. It has more than enough accommodation for its population. Actually, many apartments and housing complexes in the cities are empty. China is a mass housing success story with 9 out of 10 families in the country owning a house. Building standards and quality control are strictly enforced by the local authorities, and thus a large percentage of the population has access to decent housing.

The cost of building residential, commercial and industrial properties as well as hotels, schools, hospitals and multi-purpose sports centres is shown below. These particular costs were prepared by Arcadis International, a construction cost consulting firm with multiple projects around the world including China and Hong Kong. Square-metre costs have been collected in 4 major cities – Shanghai, Beijing, Shenzhen and Chengdu. Four types of residential properties (average-standard apartments, luxury apartments, average-standard terraced houses and luxury detached houses have been considered in this cost analysis. Across China, the cost of building a residential dwelling ranges from ¥2,710 to ¥13,929 per m2. This range includes all quality classes from bare shells to fully-fitted properties, as well as average standard to high-quality housing units. The cost of building average-standard apartments ranges from ¥2,710 to ¥5,548 per m2. The cost of building luxury apartments ranges from ¥2,850 to ¥12,388 per m2. The cost of building average-standard terraced houses ranges from ¥2,895 to ¥7,573 per m2. The cost of building high-quality detached houses ranges from ¥3,953 to ¥13,929 per m2.

Building Costs in China_2021 Acardis Square Metre Costs

Shanghai Building Costs Per Square Metre – Arcadis Q1-2021

Residential Buildings

Apartments, high rise, average standard

– Shell and core – Full fit :  ¥3,049 – ¥3,476 per m2

Apartments, high rise, high end

– Shell and core – Full fit :  ¥3,666 – ¥3,971 per m2

Terraced houses, average standard

– Shell and core – Full fit :   ¥3,446 – ¥3,668 per m2

Detached houses, high end

– Shell and core – Full fit :   ¥5,019 – ¥5,548 per m2

Office/Commercial Buildings

Medium/high rise offices, average standard :  ¥6,394 – ¥8,452 per m2

High rise offices, prestige quality :  ¥8,296 – ¥11,348 per m2

Out-of-town shopping centre, average standard :  N/A

Retail malls, high end :  ¥8,796 – ¥11,348 per m2

Industrial Buildings

Industrial units, shell only (Conventional single

storey framed units) :  ¥1,991 – ¥2,434 per m2

Owner operated factories, low rise, light weight

Industry:  ¥ 3,078 – ¥3,849 per m2

Hotels

Budget hotels – 3-star, mid market:  ¥7,064 – ¥8,615 per m2

Business hotels – 4/5-star: ¥ 11,380 – ¥15,412 per m2

Luxury hotels – 5-star: ¥15,390 – ¥18,400 per m2

Others

Underground/basement car parks (<3 levels) :  ¥5,278 – ¥7,357 per m2

Multi storey car parks, above ground (<4 levels): ¥2,705 – ¥3,776 per m2

Schools (primary and secondary) :  ¥4,033 – ¥5,091* per m2

Students’ residences :  ¥2,953 – ¥4,026 per m2

Sports clubs, multi purpose sports/leisure

centres (dry sports) with a/c and including FF&E:  ¥6,804 – ¥8,355 per m2

General hospitals – public sector : ¥10,395 – ¥13,403 per m2

Beijing Building Costs Per Square Metre – Arcadis Q1-2021

Residential Buildings

Apartments, high rise, average standard

– Shell and core: ¥2,801 – ¥3,230 per m2

– Full fit:  ¥4,432 – ¥4,868 per m2

Apartments, high rise, high end

– Shell and core:  ¥3,337 – ¥4,841 per m2

– Full fit :  ¥10,734 – ¥12,223 per m2

Terraced houses, average standard

– Shell and core:  ¥3,233 – ¥3,776 per m2

– Full fit :  ¥6,343 – ¥6,873 per m2

Detached houses, high end

– Shell and core:  ¥4,869 – ¥5,419 per m2

– Full fit:  ¥12,189 – ¥12,719 per m2

Office/Commercial Buildings

Medium/high rise offices, average standard :     ¥6,200 – ¥8,348 per m2

High rise offices, prestige quality :      ¥10,074 – ¥13,711 per m2

Out-of-town shopping centre, average standard              :   ¥4,725 – ¥6,315 per m2

Retail malls, high end:    ¥8,545 – ¥11,761 per m2

Industrial Buildings

Industrial units, shell only (Conventional single storey framed units):   ¥1,951 – ¥2,379 per m2

Owner operated factories, low rise, light weight industry:   ¥3,773 – ¥4,324 per m2

Hotels

Budget hotels – 3-star, mid market :  ¥6,988 – ¥8,613 per m2

Business hotels – 4/5-star :  ¥11,686 – ¥15,425 per m2

Luxury hotels – 5-star :   ¥14,874 – ¥19,143 per m2

Other Buildings

Underground/basement car parks (<3 levels):   ¥5,398 – ¥5,935 per m2

Multi storey car parks, above ground (<4 levels):   ¥3,249 – ¥3,283 per m2

Schools (primary and secondary):    ¥3,759 – ¥4,854* per m2

Students’ residences:    ¥2,658 – ¥3,759 per m2

Sports clubs, multi purpose sports/leisure centres (dry sports) with a/c and including FF&E :  ¥6,438 – ¥6,492 per m2

General hospitals – public sector:   ¥8,464 – ¥10,598 per m2

Shenzhen Building Costs Per Square Metre – Arcadis Q1-2021

Residential Buildings

Apartments, high rise, average standard              

– Shell and core:  ¥2,732 – ¥3,012 per m2

– Full fit:  ¥4,262 – ¥4,691 per m2

Apartments, high rise, high end               

– Shell and core:  ¥2,850 – ¥3,710 per m2

– Full fit :  ¥6,859 – ¥7,505 per m2

Terraced houses, average standard

– Shell and core:  ¥2,895 – ¥3,189 per m2

– Full fit:  ¥6,390 – ¥7,410 per m2

Detached houses, high end

– Shell and core:  ¥3,953 – ¥4,354 per m2

– Full fit:  ¥12,257 – ¥13,929 per m2

Office/Commercial Buildings

Medium/high rise offices, average standard:  ¥5,955 – ¥6,635 per m2

High rise offices, prestige quality:  ¥8,701 – ¥10,496 per m2

Out-of-town shopping centre, average standard              :  ¥5,738 – ¥6,295 per m2

Retail malls, high end:  ¥8,334 – ¥11,652 per m2

Industrial Buildings

Industrial units, shell only (Conventional single storey framed units):  ¥2,223 – ¥2,651 per m2

Owner operated factories, low rise, light weight industry:   N/A

Hotels

Budget hotels – 3-star, mid market:   ¥7,546 – ¥8,300 per m2

Business hotels – 4/5-star:  ¥12,196 – ¥17,410 per m2

Luxury hotels – 5-star:  ¥16,580 – ¥18,273 per m2

Other Buildings

Underground/basement car parks (<3 levels):    ¥3,936 – ¥6,281 per m2

Multi storey car parks, above ground (<4 levels) :  ¥2,808 – ¥3,100 per m2

Schools (primary and secondary):  ¥3,120 – ¥3,433* per m2

Students’ residences:   ¥1,971 – ¥2,175 per m2

Sports clubs, multi-purpose sports/leisure centres (dry sports) with a/c and including FF&E:   ¥5,438 – ¥5,982 per m2

General hospitals – public sector :  ¥8,239 – ¥10,299 per m2

Chengdu Building Costs Per Square Metre – Arcadis Q1-2021

Residential Buildings

Apartments, high rise, average standard 

– Shell and core:  ¥2,710 – ¥3,155 per m2

– Full fit:  ¥4,100 – ¥4,879 per m2

Apartments, high rise, high end

– Shell and core:  ¥3,309 – ¥4,338 per m2

– Full fit:  ¥6,638 – ¥8,368 per m2

Terraced houses, average standard

– Shell and core:  ¥3,335 – ¥4,022 per m2

– Full fit:  ¥5,663 – ¥6,696 per m2

Detached houses, high end :

– Shell and core:  ¥4,380 – ¥5,029 per m2

– Full fit:  ¥7,213 – ¥8,239 per m2

Official/Commercial Buildings

Medium/high rise offices, average standard:  ¥6,511 – ¥7,533 per m2

High rise offices, prestige quality:  ¥8,226 – ¥11,071 per m2

Out-of-town shopping centre, average standard:  ¥5,253 – ¥6,725 per m2

Retail malls, high end:  ¥7,833 – ¥10,964 per m2

Industrial Buildings

Industrial units, shell only (Conventional single storey framed units):  ¥3,200 – ¥4,029 per m2

Owner operated factories, low rise, light weight industry:   N/A

Hotels

Budget hotels – 3-star, mid market:  ¥7,054 – ¥8,705 per m2

Business hotels – 4/5-star:   ¥12,694 – ¥15,846 per m2

Luxury hotels – 5-star:  ¥15,639 – ¥18,734 per m2

Other Buildings

Underground/basement car parks (<3 levels):  ¥3,107 – ¥4,365 per m2

Multi storey car parks, above ground (<4 levels):  ¥2,471 – ¥3,050 per m2

Schools (primary and secondary):  ¥3,285 – ¥3,636* per m2

Students’ residences:    ¥2,291 – ¥3,331 per m2

Sports clubs, multi purpose sports/leisure centres (dry sports) with a/c and including FF&E:  ¥5,200 – ¥5,724

General hospitals – public sector:  ¥8,328 – ¥10,401 per m2

SeaView Garden Apartments Shenzhen in China

Construction Output Volume

According to the OECD chart shown in the Federal Reserve Bank of St Louis Economic Data (FRED), the volume of construction output in China has a familiar pattern throughout the year. From Q1-1996 to Q1-2011, the lowest output is observed in the first quarter of the year, followed by a small increase anywhere up to 14% in the second quarter. The is followed by a small increase anywhere up to 8% in the third quarter, which is succeeded by a very steep near-vertical rise in the last quarter, of at least 187%. What you have to note is that the construction output volume has been increasing each year on a monthly, quarterly and annual basis. The increase has been roughly linear if we plot a line of best from Q4-1997 to Q4-2012. The Q4 to Q4 output volume rose from $31,600,00 in 1997 to $163,000,000 in 2012. Interpolation can give fairly good estimates between this period since we have a linear function. From Q4-2012 to Q4-2016, the output volume stabilized, registering $162,433,333 in 2013, $169,833,333 in 2014, $163,566,666 in 2015 and $163,400,000 in 2016. The fourth quarter of 2014 ($169,833,333) happened to be the highest quarterly output value in the history of China. After Q4-2016, the construction output volume began a decline, falling down to $145,966,666 in the fourth quarter of 2017.

The construction output in China can also be depicted by the construction volume index as shown in the OECD chart by FRED. Using 2015 as the base year (2015=100), the volume index was 9.5 in the first quarter of 1998. It rose to 23 in the first quarter of 2002, then continued to 61.98 in 2008-Q1. The upward trend reached 122.7 in 2013-Q1. The investment volume index climbed to 132.4 in the second quarter of 2014, then declined to 112.7 in the second quarter of 2015. It increased to 133.6 in the second quarter of 2016 and then landed at 133.4 in the first quarter of 2017. The index declined to 103.2 in the last quarter of 2018, jumped to 107.73 in the first quarter of 2019, remained stable throughout the year, and then fell to 95.7 in the first quarter of 2020. It then rose to 115.2 in the second quarter of 2021.

Construction Market China

The China Construction Industry Databook 2022 projects a 9.7% growth in the construction output volume, amounting to Y9,509 billion. Furthermore, a 5.6% growth is expected over the next 4 years ending in 2026, amounting to a total value of Y11,807.5 billion.

In 2021, there was a decrease in construction activity caused by the Covid-19 pandemic. Output decreased from 7.9% to 4.9% in the second and third quarter respectively. To encourage investment over the next 24 months leading into 2024, the government relaxed bank lending conditions and mortgage approvals. As a result, Y200 billion was availed in mortgage loans in October 2021, a higher figure than the previous month which saw Y150 billion being approved.

A stimulus fund is being proposed by the CCP in 2022 to spur growth and investment in the market. The slump in the Chinese construction market can be illustrated by the volume of excavator sales and as well as the amount of equipment rental hours from January 2019 to January 2022. In 2019, Komatsu excavator sales in China rose by 77.7% in January, then fell to 14.3% in March. The figure declined -5.9% in May, before taking a gradual rise to 23.5% in January 2020. The impact of the Covid-19 pandemic can be seen in 2020 as the number of sales fell sharply to -60% in February 2020. The onset of the recovery from the pandemic and lockdowns took place in the following month, with sales figures rising sharply to 64.5% in April. Sales stabilized from April to December 2020, finishing off at 58.5%. Sales increased sharply once more to a record 256% in February 2021, before taking a sharp decline to -25.2% in May 2021. The decline in excavator sales continued down a gentle slope to -48.3% in January 2022.

The graph of the average hourly usage of Komatsu equipment in China shows that the rented hours were relatively stable throughout 2019, hovering between -13.7 and 6.4%. Total hourly usage dropped to -42.8% in January 2020, a result of the Covid-19 pandemic. A recovery was made as the rented hours increased almost linearly to 3.7% in April 2020. The number of rental hours then remained stable from April to December 2020 along a plateau ranging from 3.7% to 3%, with a peak value of 6.9% in October 2020. The average hourly usage rose sharply along near-vertical steep slope to 85.6% in January 2021, before declining sharply along a steep slope to -14.4% in April 2021. The decline continued along a relatively flat curve to -14.4% in December 2021, and then dropped sharply to -35% in January 2022. The slump in the market means materials on site are piled up and unused.

The real estate industry was affected by the market slump, depicting a decline in home sales as from August 2021 and continuing into February 2022. Property sales were recorded in eight major cities – Beijing, Shanghai, Shenzhen, Hefei, Guangzhou, Chengdu, Xiamen and Dalian. On the overall, the number of homes sold on a year-to-year basis dived below the zero line into a negative percentage, with 2 cities Shanghai and Chengdu emerging above the zero line for a sustained period, while 2 other cities Beijing and Shenzhen make a brief appearance above the zero line. The maximum deviation below the zero axis is -74.5%, meaning home sales in the cities fell by this amount. As at February 2022, all cities had home sales below the zero line (in the negative range), which should tell you how much the real estate industry is struggling. Property developers are struggling to sell their homes and dogged with debt, although bank lending conditions have been relaxed to encourage investment. As we go into March 2022, only 5 cities (Shanghai, Shenzhen, Beijing, Xiamen and Dalian) are showing signs of an upward trend. Shenzhen and Shanghai have already emerged above the zero line. Beijing and Xiamen are intersecting the line and about to emerge. Even with bonds to the amount of Y2 trillion issued by local authorities, construction activity is still low but the situation is expected to change down the road.

China Five Year Construction Development Plan

As we all know, China’s cityscapes have rapidly developed over the past few decades featuring futuristic architecture and infrastructure which is way ahead of the first-world even though the country is classified as developing nation for economic interests. The CCP’s long-term development strategy is broken down into medium-term goals known as the 5-Year Development Plans. The start of 2021 was the beginning of the 14^th Government 5-Year Plan which ends in 2025. The 14^th 5-Year Plan aims to improve the supply chain in the construction industry, pursue and create a framework for green technologies to minimize carbon emissions, expand the use of IT and BIM in the industry, and enforce higher building standards in terms of quality and safety. Construction is expected to account for 6% of the National GDP, and emphasis will be placed on modular construction making use of prefabricated units . In this respect, more than 30% of new construction projects are expected to make use of modular construction, which cuts down costs and waste on the site which is expected to decrease to a volume below 300 tonnes per 10,000m2. More construction firms are expected to adopt IT and BIM, making use of internet-based platforms and software in their relevant departments and projects. The application of robots in construction is envisaged to be at a developed stage by 2025 with large-scale use of building robots on construction sites. Robots will be employed in construction as well as maintenance activities, including making parts. The long-term goal is to achieve full industrialization, high building standards and breakthroughs in intelligent construction by 2025. The previous 5-Year Plan achieved a 5.1% annual growth and 6.9% share of the National GDP.

China Construction Index:

Statista charts show the annual variation in the material and labour construction index in China from 2007 to 2019. The Labour cost index hovered between 113.8 and 103.9 during this period, rising sharply from 108.9 in 2007 to 113.8 in 2008. It declined sharply to 106.6 in 2009, and then climbed to 113.5 in 2011. Thereafter, it began a long decline along a gentle convex slope to 103.5 in 2016. Labour costs stabilized from 2016 to 2019, finishing off at 103.9.

The Material cost index exhibited an irregular curve as well as the widest deviation ranging from 114.1 to 92.8 during this period. It rose sharply from 104.5 in 2007 to 114.1 in 2008, before dropping sharply to 92.8 in 2009. It rose sharply once again to 104.3 and 108.7 in 2010 and 2011 respectively. It dropped significantly to 98 in 2012 and then stabilized remaining steady at 98.5 in 2014. It dropped along a medium slope to 94 in 2015, climbed to 97.6 in 2016 and then took a very steep climb to 110.9 in 2017. The Material cost index declined to 109.4 in 2018, steeply falling further to 102.6 in 2019.

PMI Volume of Construction Activity in China – CEIC 2021 to 2022

The Purchasing Manager’s Index (PMI) is an indicator of the volume of construction output or activity in a specific period. The CEIC chart shows the National PMI in China measured in percentages from March 2021 to February 2022. The PMI was 62.3% in March 2021, then fell to 57.4% in April. It rose to 60.1% in May and remained stable until  the end of June. It dropped to 57.5% in July then increased to 60.5% in August. It dropped to 57.5% in September and declined further to 56.9% in October. The PMI increased to 59.1 in November and then dropped to 56.3% in December 2021. The beginning of January 2022 saw the volume decreasing to 55.4% and then rising to 57.6% in February. The construction input price increased to 58.4% in February 2022 while the sales price declined to 53.4%, and employment in construction increased to 55.8%.

MSCI China Real Estate Index 2015 to 2021

The MSCI real estate index chart in China shows ups and downs on an annual basis from 2015 to 2021. It was up by 10.18% in 2015, the declined to -15.05% in 2016. In 2017, the index registered its highest ever increase since 2008, reaching a record value of 101.62%. It reverted back to its normal value in the following year, hitting the highest low in 5 years at -9%.

Price Indices of Newly-Constructed Residential Buildings

The sales price index of newly-built residential properties is another indicator of changes in building costs that can guide you in assessing current building costs. Note that the sales price index is different from the construction input and output cost index, which takes into the account the cost of materials/labour and tender price respectively. The residential sales price index measures price movements in the real estate market. These are prices of complete residential buildings ready for occupation which are either newly-constructed or in an established state. The National Bureau of Statistics (NBS) in China compiles home sale price indices on a monthly, quarterly and annual basis. Indices are measured in 35 cities, and separated into newly-built and old buildings. Buildings are also grouped by the size of floor space (GFA), and there are 3 classes in this regard – GFA smaller or equal to 90m2, GFA 90m2 to 144m2, and GFA greater than 144m2.

National Value of Construction Work Done in the Real Estate Sector – China

Total Value of New Construction (Residential, Commercial and Retail) – China

As at February 2022, the national total of all construction (residential, commercial and retail) in the real estate industry was Y1449.9 billion, a 3.7% increase from the previous year. Of this total, Y1076.9 billion (74%) was invested in the residential building sector, which was a 3.7% increase from the previous year. An amount of Y665 billion was invested in office buildings, and Y1,242 was invested in retail/commercial properties.

Total Gross Floor Area and Cost Per Square Metre of Residential, Commercial and Retail Space:

The total gross floor area of all new construction in the real estate sector was 7,844.59 million square metres, which represents a national building cost rate of ¥179 per square metre. The total gross floor area of residential construction was 5,535.14 million square metres, which represents a national building cost rate of ¥188 per square metre. The total gross floor area of office building construction was 314.37 million square metres, which represents a national building cost rate of ¥207 per square metre. The total gross floor area of commercial/retail construction was 716.53 square metres, which represents a national building cost rate of ¥168 per square metre.

Total Gross Floor Area of Residential, Commercial and Retail Space Under Construction:

The total gross floor area of all residential, commercial and retail space under construction was 7,844,590,000 m2. The total GFA of all residential buildings under construction was 5,535,140,000 m2. The total GFA of all office buildings under construction was 314,370,000 m2. The total GFA of all commercial/retail buildings under construction was 716,530,000 m2.

Total Gross Floor Area of Residential, Commercial and Retail Space at Post-Tender Stage (Site Handover Meeting)

The total gross floor area of all residential, commercial and retail projects at post-tender stage was 149,670,000 m2. The total GFA of all residential buildings at site-handover stage was 108,360,000 m2. The total GFA of all office buildings at site-handover stage was 3,410,000 m2. The total GFA of all commercial/retail buildings at site-handover stage was 10,690,000 m2.

Total Gross Floor Area of Residential, Commercial and Retail Space Completed (House Handover Stage)

House Handover is also known as Practical Completion. It takes place after project closing when the final account is concluded. The total gross floor area of all residential, commercial and retail projects at practical completion stage was 122,000,000 m2. The total GFA of all residential buildings at project closing was 89,150,000 m2. The total GFA of all office buildings at project closing was 3,990,000 m2. The total GFA of all commercial/retail buildings at project closing was 9,950,000 m2.

Land Acquisition:

The total area of land acquired for development purposes in China was 8,380,000 m2, and the total value of land acquired was ¥36,900,000,000, which represents a price of ¥4,403 per m2.

Total Gross Floor Area and Cost Per Square Metre of Commercial Buildings Sold in China:

From January to February 2022, the total gross floor area of commercial buildings sold in China was 157,030,000 m2, and the total value of commercial buildings sold was ¥1,545,900,000,000 which represents a unit price of ¥9,845 per m2.

The total gross floor area of residential buildings sold was 134,620,000 m2, and the total value of residential buildings sold was ¥1,365,200,000,000 which represents a unit price of ¥10,141 per m2.

The total gross floor area of office buildings sold was 3,510,000 m2, and the total value of office buildings sold was ¥47,500,000,000 which represents a unit price of ¥13,533 per m2.

The total gross floor area of commercial/retail buildings sold was 8,510,000 m2, and the total value of commercial/retail buildings sold was ¥83,600,000,000 which represents a unit price of ¥9,824per m2.

Total Gross Floor Area of Vacant Commercial Housing for Sale

The total gross floor area of vacant commercial housing for sale in China was 570,260,000 m2. The total GFA of vacant residential buildings for sale was 283,130,000 m2. The total GFA of vacant office buildings for sale was 39,000,000 m2. The total GFA of vacant commercial/retail buildings for sale was 124,320,000 m2.

Sources of Investment for Property Development/Construction  in China:

A total sum of ¥2,514,300,000,000 (2.5143 trillion) was invested in the Chinese real estate development sector during the period January-February 2022. The largest source of funds came from deposits and advance payments valued at ¥802,700,000,000 followed by self-raising funds valued at ¥775,700,000,000. The third largest source of funds was personal mortgage valued at ¥412,400,000,000 closely followed by domestic loans at ¥410,500,000,000. Foreign investment was the least source of funding at ¥700,000,000.

Regional Value of Construction Work Done in the Real Estate Sector – China

Total Value of Property Development in the Eastern Region:

In the Eastern Region, a total value of ¥866,500,000,000 was invested in real estate development, of which ¥623,800,000,000 was invested in residential property construction.

The total gross floor area of commercial buildings sold in China was 62,190,000 m2, and the total value of commercial buildings sold was ¥887,800,000,000 which represents a unit price of ¥14,276 per m2.

Total Value of Property Development in the Central Region:

In the Central Region, a total value of ¥279,000,000,000 was invested in real estate development, of which ¥223,400,000,000 was invested in residential property construction.

The total gross floor area of commercial buildings sold in China was 42,750,000 m2, and the total value of commercial buildings sold was ¥301,600,000,000 which represents a unit price of ¥7,055 per m2.

Total Value of Property Development in the Western Region:

In the Western Region, a total value of ¥287,200,000,000 was invested in real estate development, of which ¥216,000,000,000 was invested in residential property construction.

The total gross floor area of commercial buildings sold in China was 48,400,000 m2, and the total value of commercial buildings sold was ¥328,100,000,000 which represents a unit price of ¥6,779 per m2.

Total Value of Property Development in the NorthEastern Region:

In the NorthEastern Region, a total value of ¥17,300,000,000 was invested in real estate development, of which ¥13,700,000,000 was invested in residential property construction.

The total gross floor area of commercial buildings sold in China was 3,690,000 m2, and the total value of commercial buildings sold was ¥28,400,000,000 which represents a unit price of ¥7,696 per m2.