房地产行业2024年4月统计局数据点评：销售投资降幅扩大，开竣工降幅收窄但仍承压

Investment Rating - The industry investment rating is "Outperform" [17] Core Views - The report highlights that the sales area of commercial housing in April 2024 was 65.84 million square meters, with a year-on-year decline of 22.8%, marking the lowest level for the same period since 2013 [1][3] - The total investment amount in real estate development for April 2024 was 884.6 billion yuan, with a year-on-year decrease of 10.5% [1][3] - The average selling price of commercial housing in April 2024 was 10,194 yuan per square meter, showing a year-on-year decline of 9.9% but a month-on-month increase of 6.8% [1][3] Summary by Sections Sales Performance - The sales area in April 2024 was 65.84 million square meters, with a year-on-year decline of 22.8%, which is a 4.6 percentage point increase in the decline compared to March [1] - The sales amount was 671.2 billion yuan, down 30.4% year-on-year, also a 4.6 percentage point increase in the decline compared to March [1] - The average selling price for commercial housing was 10,194 yuan per square meter, reflecting a month-on-month increase of 6.8% but a year-on-year decrease of 9.9% [1][3] Investment and Construction - The total investment in real estate development for April 2024 was 884.6 billion yuan, with a year-on-year decrease of 10.5% [1] - The new construction area was 62.27 million square meters, down 14.0% year-on-year, although this decline was an improvement compared to March [1] - The completed area in April was 36.01 million square meters, with a year-on-year decline of 19.1% [9] Developer Financing - The total funds received by real estate companies in April 2024 amounted to 834.7 billion yuan, a year-on-year decrease of 21.3% [9] - The funds from housing sales were 387.7 billion yuan, down 36.1% year-on-year, while non-housing funds were 447.0 billion yuan, down 1.5% year-on-year [9] - The report indicates that the financing environment for the industry has shown signs of recovery, with a total of 54.6 billion yuan raised through bonds and trusts in April [9]