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May 3, 2021

Quarterly Construction Cost Review by Arcadis
Arcadis announces its latest China and Hong Kong Quarterly Construction Cost Review.
     China experienced around two months of lockdown to prevent the spread of COVID-19 at the beginning of 2020 and continues to take effective precautionary measures. The real estate investment in Mainland China in the first two months of this year has decreased by (-)16.3% YoY. The sales of commercial buildings decreased by (-)35.9% YoY. The economic activities began to recover after the completion of lockdown and the real estate market rebounded after March 2020. By the end of 2020, real estate investment and the sales of commercial buildings reached an increase of (+)7.0% and (+)8.7% YoY respectively (according to National Bureau of Statistics (NBS)). The data presented a V-shaped recovery in real estate market.
     Hong Kong Gross Domestic Product (GDP) recorded the sixth consecutive negative growth rate of (-)3.0% YoY in Q4 2020 but further narrowly upturned from (-)3.6% YoY in the last quarter. With further resumption of international market activities, exports and imports of goods increased QoQ in Q4 2020, however, decline in exports and imports of services just marginally narrowed down, mostly because the tourism industry is still frozen. Deflation still happened in this quarter. Consumer Price Index (CPI) slightly rebounded from (-)2.2% YoY in September 2020 to (-)0.7% YoY in December 2020.
     Download the 2020 fourth quarter edition of China and Hong Kong Quarterly Construction Cost Review


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