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China's Real Estate Sector Resumes Steady Growth
China's real estate industry has regained an upward momentum since the beginning of this year and has propelled the overall growth of the national economy.
Experts here say that the ongoing housing reform, which encourages all citizens to buy their own apartments with cash or bank loans, has promoted sales of residential buildings. Stockpiling of unsold buildings is growing at a slower rate than last year.
Meanwhile, China's forthcoming entry to the World Trade Organization has offered new opportunities for real estate development, experts say.
"Overall, China's real estate sector has maintained a momentum of steady growth," said Jia Hai, an official from the National Bureau of Statistics.
Jia said that real estate development falls into the doldrums every six or seven years. "China's real estate sector has lulled in the doldrums since 1997," he said, "It's time for a new round of development."
NBS statistics show that the composite index of real estate development in July rose 3.51 points on annual basis to 106.44 points, 0.43 points higher than in June.
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