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Last updated at: (Beijing Time) Saturday, January 25, 2003

Housing Investment Reaches New High in Shanghai

Housing investment in eastern China's Shanghai municipality reached 56.2 billion yuan (about 6.8billion US dollars) in 2002, up 24.3 percent over the previous year, according to Mao Jialiang, director of the Housing Construction Bureau of the city.


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Housing investment in eastern China's Shanghai municipality reached 56.2 billion yuan (about 6.8billion US dollars) in 2002, up 24.3 percent over the previous year, according to Mao Jialiang, director of the Housing Construction Bureau of the city.

The total area of newly started housing projects amounted to 24.4 million square meters or 27.6 percent more than the previous year; and that of completed housing projects, 17.5 million square meters were completed, up 10.3 percent, according to Mao.

preliminary statistics showed that more than 18 million square meters of commercial houses had been sold in 2002.

Also, investment in total fixed assets could reach 215.8 billion yuan (about 26 billion US dollars) for last year, with the housing investment accounting for 26.1 percent.

The added-value of the city's real estate industry was up 14.5 percent over 2001.


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