地产月度数据跟踪：趋势仍走低，边际有修复，继续关注政策

Investment Trends - Real estate development investment in January-February 2024 decreased by 9% year-on-year, a slight improvement from the previous value of -12.5%[3] - Cumulative real estate investment reached 1.18 trillion yuan, down from 1.37 trillion yuan in the same period of 2023[3] - New construction area saw a significant decline of 29.7% year-on-year, worsening from -10.3% previously[10] Construction and Completion - The construction area growth rate was -11% in January-February 2024, compared to -7.2% in the previous period[4] - The completion area growth rate plummeted to -20.2%, down from a positive 15.3% previously[4] - Cumulative completion area decreased significantly, indicating ongoing weakness in the construction sector[4] Sales Performance - Real estate sales area fell by 20.5% year-on-year, a notable increase in the decline compared to -12.7% in the previous period[42] - Sales revenue dropped by 29.3%, worsening from -17.1% previously, with cumulative sales amounting to 1.06 trillion yuan[42] - The inventory clearance cycle for new homes extended to 8.06 months, indicating a slow recovery in sales[16] Funding Sources - Funding sources for real estate companies decreased by 24.1% year-on-year, with a notable decline in "other funds" contributing to this drop[46] - Domestic loans fell by 10.3%, while foreign investment showed a slight recovery with a 7.4% increase[46] - The overall funding environment remains challenging, primarily due to weak sales performance[22] Market Sentiment and Policy - Market sentiment is pressured by ongoing declines in housing prices and risks associated with real estate companies[8] - Recent policies aim to stabilize the real estate market, with a focus on reasonable financing support for different types of real estate enterprises[69] - The government emphasizes the importance of real estate in economic development, indicating potential for further supportive measures[69]