"The area of land sold in the first quarter – a key indicator of future construction and steel demand – fell by 32.4 per cent from the same quarter last year."The stock pile of new homes, yet to be sold, increased by 24.6 per cent over the same period. That left the total area of newly completed residential property at 650 million square meters or around 6.5 million apartments."The figures neatly demonstration the acute over-supply of property across the country, which has many forecasting iron ore demand to fall by around 5 per cent this year."Residential property construction accounts for around 20 per cent of Chinese iron ore demand."