[photopress:beijingrealestate.jpg,full,alignright]The real estate sector in China’s capital gobbled up more foreign capital in the first eight months of the year, despite government efforts to tighten control over speculation by foreign investors in the area. According to the latest data provided by the municipal statistical bureau, 36 foreign-funded projects were approved in the January to August period.
This represents a staggering year-on-year growth of 56.5 percent.
The projects involved $790 millionin contracted foreign capital up 68.2 percent. Between January and August, Beijing approved 1,409 foreign-funded projects, up 5.2 percent on the previous year.
Most of the money went to the service industry, which attracted $3.69 billion in contracted foreign capital and actually used $2.49 billion U.S. dollars.