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China: Building and Construction in China 2020-2024: September 2020 Update

​Total residential and non-residential building completions remained stable in Q2, after a 27% y/y plunge in Q1 due to the coronavirus outbreak and subsequent countrywide lockdowns. For the whole year of 2020, total building completions are expected to contract 14.6% y/y (revised from July’s -21%), with falls in residential building at -13% (from -18%) and non-residential building -17% (from -27%). We forecast a 6.3% rebound in 2021, underpinned by a 6.4% growth in residential and 6.2% in non-residential.

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