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Robust Growth in China's Housing Sector Expected
China's housing industry is expected to enjoy robust growth in the next 20 years.
Gu Yunchang, secretary-general of the China Real Estate Association, made the remarks at the on-going International Union of Building Centers (UICB) 2001 General Assembly and Annual Conference in Beijing on Tuesday.
According to Gu, by the year 2020, the average housing space for urban residents will rise from the current 20 sqm. to 30 sqm., with better appliances and improved environment.
Gu said that China's housing industry is experiencing the best time ever. For three consecutive years both construction and sales sectors have grown rapidly.
In 2000, housing investment totaled 331.87 billion yuan (US$40.47 billion) across the country, up 25.8 percent from 1999. During the first eight months this year, housing investment increased 31.7 percent, compared with the same period last year, according to Gu.
In addition, housing sales in terms of space in 2000 were 26.9 percent higher than in 1999. During the first half of this year, the figure went up 31.4 percent from the same period of last year.
Gu noted that the reason for the fast development was the implementation of new urban housing policy, which has put an end to the planned housing system and promoted market practices.
In the 21st century, with the sustained development of the national economy, Beijing's successful bid to host the Olympic Games and China's imminent entry into the World Trade Organization (WTO), the housing sector is expected to become one of the pillar industries of the national economy, Gu said.
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