According to a release by China's National Bureau of Statistics, China's real estate market was still hot in the first six months, even as the rest of the world was dragged down by waves of foreclosures.

From January to June, the total investment in real estate development went up 9.9% year on year to 1,450.5 billion yuan, of which, investment in residential buildings reached 1,018.9 billion yuan, up 7.3% year-on-year.

From January to June, the floor space under construction stood at 2,397 million square meters, a year-on-year increase of 12.7%. The floor spaces completed reached 207 million square meters, up 22.3% year-on-year. However, all the leading indicators for future development were down. The newly started floor space stood at 479 million square meters, declined 10.4% year-on-year. Land purchase reached 136.44 million square meters, down 26.5% year-on-year; land development hit 110.10 million square meters, 15.2% down year-on-year.

From January to June, the floor space sold accounted for 341.09 million square meters, up 31.7% year-on-year, of which, residential buildings increased 33.4%, and office buildings increased 7.6%. Total sales amounted to 1,580.0 billion yuan, up by 53.0% year-on-year, of which, the sales of residential buildings surged 57.1% and sales of office buildings increased 19.9%.

With the increased real estate development, domestic loans also went up by 32.6% to 538.1 billion yuan. At the same time, the utilization of foreign funds decreased 29.7% reached 24.3 billion yuan.

After several months of straight decline, China's Real Estate Development Climate Index has bottomed in the first quarter. As can be seen, the index has been in the upward trend for the last three months.