China's Real Estate Sector Continues to Grow

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Last updated at: (Beijing Time) Wednesday, May 22, 2002

China's Real Estate Sector Continues to Grow

The official index shows that China's real estate sector continued to grow in April, propelled by soaring investment and land development.

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The official index shows that China's real estate sector continued to grow in April, propelled by soaring investment and land development.

The real estate index for April inched up 0.73 points over March to 104.60 points, according to figures released by the National Bureau of Statistics (NBS) on Tuesday.

NBS figures showed that a total area of 27.99 million square meters of land were developed during January-April, a rise of 48.3 percent over the same period last year.

In the same period, investment in real estate development totaled 146.7 billion yuan (17.7 billion U.S. dollars), a leap of 38.8 percent from a year ago. The NBS said the growth rate was the highest for the past few years.

According to the NBS, development financing also rose in April. During the first four months of the year, developers ploughed 233.4 billion yuan into real estate projects, up 30.6 percent from the same period last year.

However, real estates prices dipped around the country. For January-April, the average price was 1.2 percent lower than a year ago.

Stockpiles of unsold buildings increased 6.4 percent over the 12 months to April, compared with 4.7 percent in March and 4.0 percent in the same period last year.

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