China's Real Estate Investment Slowdown By Province

Here are a few places real estate investment is cratering. Two of the three northeast provinces are still suffering a major slowdown (Jilin has bounced back in 2015), but some troubling new editions are Jiangsu, Anhui, Shandong, Shaanxi, Henan, Hubei and Hunan. A few are pictured below.

Here's the slowdown in Hubei:

Finally, here's twelve provinces' share of total real estate investment. A few to focus on: Liaoning has fallen out of the top five in terms of total investment and is now an also-ran. It alone is responsible for several percentage points of the national real estate investment slowdown. The loss of Liaoning has increased the importance of Fujuan, which is still growing real estate investment at 20% annualized rates (Xiamen is still the hottest city for real estate). Shandong remains a key province with nearly 6% of total investment, but the slowdown to nearly 0% growth in March could threaten its position. Also worrisome is the slowdown in Jiangsu: it is more than 10% of total real estate investment, with cities such as Nanjing, Wuxi and Suzhou. Jiangsu has also been rising as a share of total investment, it's slowdown is recent and points to further weakness for the national number. In contrast, Guangdong has also become more important and could consistently be 10% of real estate investment going forward since its still growing in the high-teens to low 20% range. Also rising in importance is Sichuan.

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