Estate Industry Develops with Momentum in China

China's real estate industry will develop and keep at a level with relatively rational and stable momentum, according to Song Chuhua, vice minister of Construction.

Song said that new housing reform policies will certainly by nullifying welfare housing allocation speed up China's development of real estate industry.

According to Song, commercial banks will further extend their mortgage business and housing business in the financial sector in China this year. Meanwhile, a fine housing accumulation fund will be established. This will raise not only the purchasing capability of people to buy housing, but will also stimulate housing construction and consumption in China.

Song also said that real estate industry in China has become a new growth point and a new consumption point in the country's economy. Illustrative is a total investment of 401 billion yuan made by China in real estate industry and 119 million sq.m. of floorspace that has been sold out last year to show a growth of 11% and 24.9% over the previous year, respectively.

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