The Asian giant was the country where the Covid-19 coronavirus pandemic originated and where its consequences on the economy were felt first. As such, industrial production fell by 13.5% year-on-year during the first two months of 2020, its largest decrease since records began for the indicator in the early 1990s, according to China’s National Bureau of Statistics (NBS).
Similarly, the real estate sector in China was hit hard by the coronavirus crisis. Foreign investment in property plummeted by 77.2% in January and February, when Covid-19 was at its peak in the Asian country. Meanwhile, transactions and the launch of new projects were slowed with an average decrease of between 15% and 40%. The sale of real estate assets also fell by 35.9% compared to the same period a year earlier, whilst the surface area of assets sold decreased by 39.9%, according to the NBS.