Property investment sees upturn in growth: NBS

Source:Xinhua - Global Times Published: 2018/3/14 22:23:41

Investment in property development expanded by 9.9 percent year-on-year in the first two months of this year, up from 7 percent for 2017, new data showed Wednesday.

Total investment in the first two months stood at 1.08 trillion yuan ($171 billion), the National Bureau of Statistics (NBS) said in a statement on its website.

Investment in residential housing registered an increase of 12.3 percent from the same period last year and accounted for 68.1 percent of the total.

The country began construction of 177.46 million square meters of housing, up 2.9 percent year-on-year.

Residential housing sales measured by floor area rose 4.1 percent in the first two months, down from 7.7 percent in 2017, the NBS said.

In terms of value, housing sales rose 15.3 percent, up from 13.7 percent for 2017.

At the end of February, about 585 million square meters of housing remained unsold in China, down by 4.55 million square meters or 0.8 percent from the end of last year.

This year's Government Work Report reiterated that "houses are for living in, not for speculation."

The Government Work Report also said there would be support for people "in buying homes for personal use" as well as for the rental market and shared-ownership housing.

Posted in: ECONOMY

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