Chinese Real Estate Market Continues Fast Growth

Investment in China's real estate sector in the first eleven months of 2010 grew by more than a third over the preceding year.

According to China's National Bureau of Statistics, from January to November, the total investment in real estate development was CNY4.269 trillion, up by 36.5% year-on-year. Of which, investment in commercial residential buildings reached CNY3.002 trillion, a 34.2% increase year-on-year, which occupied 70.3% of the investment in real estate development. In November, the completion of investment in real estate development totaled CNY462.8 billion, increasing 36.7%, year-on-year.

In the past eleven months, the floor spaces under construction of real estate development enterprises in the whole country stood at 3.843 billion square meters, a year-on-year increase of 28.6%. In the past eleven months, land areas purchased was 361 million square meters, up by 33.2%; and the value of land purchased amounted to CNY893.1 billion, an increase of 77.9%.

From January to November, the floor spaces of commercial buildings sold accounted for 825 million square meters, surging up 9.8%, year-on-year. In November alone, the floor spaces of commercial buildings sold accounted for 101.13 million square meters, increasing 14.5%, year-on-year.

In November, sales price indices of buildings in 70 medium-large sized cities increased 7.7%, year-on-year, narrowing 0.9% points over October 2010.