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China's Real Estate Market Surges
China's real estate index surged to a new high for the year in November, official figures show.
The National Bureau of Statistics (NBS) said Wednesday, December 20, that the index of the real estate industry went up 0.25 points from October to 103.68 points in November.
The index slipped a little in October after reaching a high of 103.52 points in September.
The NBS said that decreasing stockpiles of completed buildings was the main factor behind the rally in the index. The total number of unsold buildings had declined for five consecutive months.
Other factors contributing to the rise of the real estate index include, the increase in funds available for housing construction and the increase in construction of recently started and recently completed buildings, according to the NBS.
NBS figures showed that building prices were on the rise this year amid growing sales. The national building price average per square meter was 2,091 yuan at the end of November, 2.2 percent higher than one year ago. The national average price of housing buildings was 1,962 yuan per square meter.
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