1. The completion of real estate investment

The total investment in real estate development in the first three months was 1,092.7 billion yuan, a year-on-year growth of 23.5 percent, 4.3 percentage points lower than that in the first two months. Of which, the investment in residential buildings was 744.3 billion yuan, up by 19.0 percent, 4.2 percentage points lower than that in the first two months, and accounted for 68.1 percent of real estate development investment.

In the first three months, the real estate investment in eastern region stood at 659.3 billion yuan, up by 20.6 percent year-on-year, the growth rate down 5.4 percentage points from January to February; the central region stood at 207.0 billion yuan, went up by 25.7 percent, and down by 3.7 percentage points; western region stood at 226.4 billion yuan, up 30.5 percent, and a decrease of 1.4 percentage points.

In the first three months, the floor space under construction by the real estate development enterprises accounted for 4,092.21 million square meters, up by 25.0 percent year-on-year, down by 10.5 percentage points over the first two months. Of which, the floor space of residential building construction area was 3,076.53 million square meters, up 22.2 percent. The floor space started this year was 399.46 millions square meters, up by 0.3 percent, and 4.8 percentage points. Specifically, the floor space of residential buildings started in the year amounted to 294.27 million square meters, went down by 5.2 percent. The floor space of buildings completed stood at 178.80 million square meters, went up by 39.3 percent, decreased 5.9 percentage points, of which, the floor space completed of residential buildings stood at 143.25 million square meters, went up by 40.0 percent.

In the first three months, the land area purchased by the real estate development enterprises totaled 78.59 million square meters, a year-on-year decrease of 3.9 percent, and decreasing amplitude expanded 3.4 percentage points over the first two months. The total transaction of land topped 155.5 billion yuan, increased 2.5 percent, and declined 3.3 percentage points.

2. Sales of Commercial Buildings

In the first three months, the floor space of commercial buildings sold stood at 152.39 million square meters, decreased 13.6 percent over previous year, and a decrease of 0.4 percentage points over the first two months. Of the total, the floor space of residential buildings decreased 15.5 percent, office building increased 11.4 percent, and buildings for business use increased 5.9 percent. The sales of commercial buildings amounted to 867.2 billion yuan, a decrease of 14.6 percent, and decreasing amplitude narrowed 6.3 percentage points. Specifically, the sales of residential buildings went down by 17.5 percent, office buildings down by 10.2 percent, buildings for commercial business up by 10.5 percent.

In the first three months, the sale of floor space of commercial buildings in eastern region amounted to 73.51 million square meters, a year-on-year decrease of 17.5 percent, and decreasing amplitude decreased 6.8 percentage points over the first two months. The amount of sales stood at 521.5 billion yuan, went down by 19.9 percent, and decreasing amplitude decreased 11.1 percentage points. The sale of floor space of commercial buildings in central region amounted to 37.04 million square meters, a year-on-year decrease of 7.3 percent, and 1.8 percentage points higher over the first two months. The amount of sales stood at 159.2 billion yuan, dropped 1.9 percent, and increased 8.2 percentage points. The sale of floor space of commercial buildings in western region amounted to 41.85 million square meters, a decrease of 11.7 percent over the previous year, and decreasing amplitude expanded 6.8 percentage points over the first two months. The amount of sales stood at 186.5 billion yuan, dropped 7.6 percent, and decreasing amplitude increased 4.8 percentage points.

At the end of March, the floor space of commercial housing for sale reached 301.22 million square meters, decreasing 4.04 million square meters compared with that at the end of February. Of which, the residential buildings for sale narrowed 2.27 million square meters, buildings for business use decreased 1.50 million square meters.

3. Sources of Funds for Real Estate Development Enterprises

In the first three months, the sources of funds for real estate development enterprises reached 2,084.7 billion yuan, up by 8.2 percent, 8.0 percentage points lower over the first two months. Specifically, the domestic loans stood at 431.9 billion yuan, increased 12.6 percent, foreign investment stood at 11.2 billion yuan, down by 22.4 percent, self-raising funds stood at 891.0 billion yuan, up by 25.0 percent, and other sources stood at 750.6 billion yuan, down by 8.0 percent. Among the other sources of funds, deposits and advance payments totaled 438.0 billion yuan, dropped 9.2 percent, personal mortgage loans totaled 196.3 billion yuan, declined 5.5 percent.

4. National Real Estate Climate Index

In March, the national real estate climate index was 96.92, declined 0.97 points month-on-month.

Annotations:

1. Explanation of Indicator

The total investment in real estate development this year: refers to the investment of all construction projects for housing, land development projects, public welfare construction and land acquisition costs in the reporting period. The index is cumulatively statistical data based on the principle of image progress.

Area of commercial buildings sold: refer total areas sold of new commercial buildings in the contract during the reporting period (i.e. area of floor space designated in the formal contract signed by both sides). The indicator is cumulative data.

Value of commercial buildings sold: refers to the total contracted vale of new commercial buildings for sale during the reporting period (i.e. the total value of sales for selling of commercial building as designated in the formal contract signed by both sides). This indicator is cumulative data, as well as the sale of floor space of commercial buildings.

The sources of funds for real estate development enterprises in the year: refers to various currencies and sources of real estate development funds actually available by the real estate development enterprises in the reporting period. Specifically, it includes domestic loans, foreign investment, self-raised funds and other funds. The index is cumulative data.

Floor space of buildings under construction: refers to the total floor space of all buildings by the real estate development enterprises during the reference time. Including floor space newly started in current year, floor space of continued construction of the building from the former period, floor space of stopped or postponed in the previous period but recovered in current year, floor space completed during current year, and newly started floor space in current year but postponed. Floor space under construction of multi-storey buildings refers to the total floor space of all stories.

Floor space of houses newly started: refers to floor space of houses newly started by the e real estate development enterprises during the reference time, the unit project as the accounting object. Not including continued construction area of housing which started in the previous period, and restarted construction area in the current year but stopped or postponed in the pervious period. Specific due date is subject to starts to housing officially began ground-breaking gouge (ground treatment or permanent piles). Floor space of houses newly started refers to the entire floor spaces of whole building; the calculation can not be separated.

Floor space of buildings completed: refers to housing construction during the reporting period have been completed in accordance with design requirements, achieved to living and conditions of use, acceptance of accreditation standards or to the final acceptance, total building areas could formally handed over to be used.

Land acquisition area: refers to land area by the real estate development enterprises in the year through variety of ways to obtain land.

Value of land transactions:  refers to final amount of transactions of land use rights by the real estate development enterprises. In the primary land market, refers to the final section of land allocation, "auction" price and sale price; the secondary land market, refers to the finalize the contract price on land transfer, lease, mortgage, etc.. Price of land transactions and land acquisition area are the same scope, may calculate the average purchase price of land.

2. Statistics coverage: all real estate development and corporate business units.

3. Survey methods: collected monthly with complete enumeration (no report in January).

4. Brief description on national real estate climate index

National real estate climate index fluctuations follow by the economic cycle theory, according to the business cycle theory and business cycle analysis, based on the use of time series, multivariate statistical, econometric analysis, use the real estate development and investment as the benchmarks, selected related indicators such as real estate investment, capital, area, sales, conducted by the seasonal factors and random factors, adopting the growth rate cycle method. National real estate index selected year 2000 as the base year, its growth rate set at 100. Typically, the most appropriate level of national real estate climate index is 100, the moderate level is between 95 and 105, the lower level is below 95, and the higher level is above 105.

5. Division on Eastern, Central and Western Regions

Eastern region includes Beijing, Tianjin, Hebei, Liaoning, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong, and Hainan. Central region includes Shanxi, Jilin, Heilongjiang, Anhui, Jiangxi, Henan, Hubei, and Hunan. Western region includes Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia, and Xinjiang.