China's Real Estate Tipped to Blossom in Second Half Year

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Last updated at: (Beijing Time) Tuesday, July 23, 2002

China's Real Estate Tipped to Blossom in Second Half Year

China's real estate industry resumed growing in June after a drop in May, which indicates a blossoming to follow in the second half of this year.

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China's real estate industry resumed growing in June after a drop in May, which indicates a blossoming to follow in the second half of this year.

According to figures released by the National Bureau of Statistics (NBS) on Tuesday, the national real estate index saw steady growth during the first six months this year. The index in June rose 0.28 points over the May figure to 104.65 points, although still 1.36 points lower than the corresponding period last year.

The NBS said the index of land development in June hit 118.57 points, 1.63 points more than the previous month and 5.90 points up compared with last year.

The area of total land development in the first six months was 50.9 million square meters, 52.7 percent above the same period last year, with the growth rate 25 percentage points up.

During the January-June period, the area of newly completed housing totaled 58.26 million square meters, an increase of 20.4 percent year-on-year, and a growth rate 2.5 percentage points up, the NBS figures showed.

During the first six months, the investment in real estate development increased at the rate of 30 percent to a total of 282.1 billion yuan (about 34.1 billion US dollars), soaring 32.9 percent over that of the previous year and up 4.7 percentage points.

The total area of newly started projects from January to June reached 185 million square meters, growing by 19.8 percent year-on-year, but 13.4 percentage points lower than the corresponding period last year.

The NBS attributed the steady growth in China's real estate industry to the increase in housing investment, land development and areas of completed housing. But it also said a larger stockpile of unsold buildings prevented the real estate index rising in the first half year.

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