China's real estate likely to see improvements in near future

China's real estate market is still undergoing a market correction but will likely see improvements thanks to recent policy adjustments and improving economic momentum, the National Bureau of Statistics said on Friday.

Fu Linghui, an NBS spokesman, said the real estate market has witnessed a downtrend on the fronts of home sales and property development investment since the second quarter of the year. "The real estate market is still in the phase of correction based on August's data."

In the first eight months, the country's sales area of commercial housing decreased by 7.1 percent while the sales revenue fell by 3.2 percent, Fu said. Real estate development investment declined by 8.8 percent year-on-year in the January-August period, compared with 8.5 percent from January to July.

However, recent policy adjustments, including reducing down payments and mortgage rates, have helped boost market confidence, Fu said. "Real estate-related investment, sales and market performance will gradually improve."