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NBS Announces October Real Estate Investment
Domestic real estate investment reached RMB 2.84 trillion in the first ten months of 2009, up 18.9% year-on-year, according to data released by the National Bureau of Statistics (NBS) on November 10. Residential housing accounted for 70.2%, or RMB 2 trillion, of the total, the report said.
A total of 663.69 million square meters of commercial property was sold in the ten-month period, up 48.4% year-on-year. Commercial residential building sales grew 50.1% year-on-year, while office building sales grew 28.2% year-on-year during the period.
Real estate prices in October across 70 large and mid-sized cities increased 3.9% year-on-year and rose 1.1 percentage points against prices in September, according to the report.
Fang Xinghai, director of Shanghai's Financial Service Office, believes that the People's Bank of China and China Banking Regulatory Commission may soon tighten favorable real estate policies, China Business News reported November 10. A PBoC spokesperson said that currently there no related notice has been issued, said the report.
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