[photopress:commercial_property.jpg,full,alignright]A report by China’s National Bureau of Statistics (NBS) produces some fascinating figures.
Investment in the country’s property sector reached RMB721.4 billion in the first five months, an increase of 27.5% from the same period last year.
RMB504.2 billion went into residential property, up 29.5 percent, of which RMB20.8 billion (say 4%) went into low-cost home construction, up 39.4%.
China’s developers registered RMB1.21 trillion of investment capital, up 26.2% from the same period last year.
Foreign investment reached RMB22.2 billion yuan, up 89.9%.
Area of land under development reached 97.75 million square meters, up 11.2%.
Floor space of buildings under construction reached 1.56 billion square meters, up 21.9%.
Floor space of commercial property unsold or unused totaled 127 million square meters, up 4.7%, of which 68.25 million square meters was residential, up 1.4%.
China’s housing climate index was 103.32 in May, 0.67 point higher than in April and 1.45 points higher than May 2006.
The housing climate index has six sub-indices, including property development, capital source, the area of land developed, average sale prices of marketable buildings, the floor space of marketable but unsold buildings and the floor space of buildings under construction. The property market is growing when the index is above 100 and falling when it drops below 100. It is over 100 and seems likely to stay there for a while.