Beijing Sees More Investment in Fixed Assets

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Last updated at: (Beijing Time) Tuesday, October 01, 2002

Beijing Sees More Investment in Fixed Assets

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Fixed asset investment in Beijing amounted to 90.83 billion yuan (11 billion US dollars) in the first eight months of this year, up 19.4 percent from the same period last year, according to Beijing Municipal Bureau of Statistics.

Statistics show that the investment mainly focused on fields like infrastructure construction, real estate and major engineering projects.

The investment in infrastructure construction accounted for over one fifth of the total investment in fixed assets, reaching 20.8 billion yuan (2.5 billion US dollars), an increase of 15.2 percent year-on-year.

Investment in capital construction was 20 billion yuan (2.4 billion US dollars), up 13.7 percent over the same period last year, fueled by start-ups of the Chinese capital's major infrastructure projects, such light-track railways, subways, highways and urban roads.

Real estate maintained a relatively rapid growth, with investment in housing development projects reaching 51.26 billion yuan (6.2 billion US dollars) from January to August, a year-on-year increase of 28.2 percent.

By the end of August, Beijing had sold about 4.28 million square meters of commercial apartments and houses, a 12.8 percent rise with the sales reaching 20.31 billion yuan (2.5 billion US dollars).

The price of commercial housing dropped 317 yuan to 4,745 yuan (572 US dollars) per square meter on average from January to August.

Beijing municipality had invested 33.17 billion yuan (4 billionUS dollars) in 60 major projects by the end of August, accounting for 37.1 percent of all investment. The western line of the high-speed light-track railway has been completed and opened.

Meanwhile, Beijing invested a total of 10.76 billion yuan (1.3 billion US dollars) in renovating dilapidated old houses in both its urban and outskirtan areas from January to August.

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