The National Bureau of Statistics said Chinese investment in real estate rose 17.7% in the first nine months from a year earlier, up from 14.7% in the January-August period. And it is still on the rise.
September was big and it is possible October will be bigger.Property accounts for more than 20% of total fixed-asset investment in China.
Alibaba.com said the authorities are counting on increased private-sector capital spending to take the baton of growth from government-driven investment, which has jumped in response to Beijing’s emergency RMB4 trillion ($586 billion) stimulus package. But note that property investment, in the first nine months of this year, reached RMB2.51 trillion.
How much of that was part of the emergency package is difficult to judge. But the effect seems to be continuing.
In the first three quarters of this year, the country began building 732 million square meters of properties, 0.4% less than in the same period last year. Completed properties amounted to 334 million sq m, of which residential properties accounted for 277 million sq m.