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Real Estate Sector Resumes Steady Growth in July
China's real estate development industry resumed its upward momentum in July as the composite index of real estate development rose 3.51 points over one year ago to 106.44 points, 0.43 points higher than in June.
According to the statistics released by the National Bureau of Statistics (NBS) Friday, the real estate development industry maintained a momentum of steady growth in July despite a dip in the previous two months.
The NBS said that the rally in the real estate sector was mainly due to increasing investment and funding over the past five months. Meanwhile, stockpiles of unsold buildings grew at a slower rate. The total area of newly started buildings and housing prices maintained an upward trend, propelling the composite index of real estate development to a higher level.
According to the NBS, prices of buildings were on the rise in July. During January to July, the national average price of buildings grew 10.9 percent year-on-year to 2,284 yuan per square meter. Prices of residential buildings increased 11.8 percent year- on-year to 2,138 yuan per square meter. The July prices for residential buildings is 1.1 percentage points higher than that in June.
NBS statistics showed that the area of unsold finished buildings rose only 0.3 percent year-on-year during January-July. The growth rate was 16.1 percentage points lower than in the same period of last year. In the same period, stockpiles of residential buildings dropped 4.4 percent, indicating that the government's measures to promote housing sales has taken effect.
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