In the first quarter of 2020, Xi'an, capital of Northwest China's Shaanxi province, saw 35.19 billion yuan ($4.97 billion) of investment in real estate development, a year-on-year decrease of 1.6 percent. However, the overall decrease was 14.9 percentage points less than that of the January to February period.
As of the end of March, Xi'an had 1,078 real estate development enterprises in stock, an increase of 12 over the same period last year.
A total of 1,099 projects were developed, including 548 projects with a total planned investment of more than 1 billion yuan. This plays a significant role in driving real estate investment growth.
During the period, investment in commercial housing totaled 23.23 billion yuan, a year-on-year decrease of 13.5 percent, accounting for 66 percent of the city's real estate development investment.
Due to the impact of COVID-19, the sales area of commercial housing in Xi'an was 2,93 million square meters, a year-on-year decrease of 24.9 percent, but the quarterly decrease was 11.4 percentage points less than that of the January to February period.
As of the end of March, the area of commercial housing for sale in Xi'an was 1,88 million sq m, a decrease of 277,100 sq m from the same period last year, and a decrease of 40,800 sq m from the end of February.