In 2019, against a background of pressure on domestic and foreign development in the real estate market, Xi'an, capital of Northwest China's Shaanxi province, continued to improve its regulations and controls in the sector.
With the stronger market regulation and control policy, after two consecutive years of rapid growth, the city's investment market became more healthy and flattened out.
In 2019, the city's real estate development investment totaled 246.48 billion yuan ($34.68 billion), a year-on-year decrease of 2.1 percent. The growth rate was lower than the previous year by 10 percentage points.
During the same period, residential investment came in at 180.52 billion yuan, a year-on-year increase of 9 percent, accounting for 73.2 percent of total investment.
The city's housing construction area was 174.75 million square meters in the year, an increase of 8.9 percent on 2018 and an increase of 7.6 percentage points over the previous year.
As at the end of December, the floor space of commercial buildings for sale in the city was 2.03 million sq m, a decrease of 373,300 sq m from the previous year.
In 2019, the total area of commercial housing sold in the city ranked third in 15 sub-provincial cities, only fewer than Chengdu and Wuhan.
Last year, under the influence of tightening macro environment and stricter control policies, the city's real estate development market basically maintained a stable and slowing development trend.
It is estimated that in 2020, under the influence of the stabilizing policies, the city's real estate development market fundamentals will continue to fall back and the supply-demand relationship will further stabilize.