[photopress:empty.jpg,full,alignright]The National Bureau of Statistics states the unsold floor space in China’s property market was 13.1 percent higher at the end of last month than it was a year earlier. The country recorded 121.69 million vacant square meters on August 31, about half of which was unsold residential property, an 11.1 percent increase from the same period last year. Analysts said the increase in unsold real estate is the result of excess investment over the past two years.
The total amount of unsold property has remained at about 121 million square meters since the end of June after dropping from 122 million square meters at the end of May.
Investment in real estate development rose 24 percent year on year in the first eight months of 2006 to RMB 1.106 trillion yuan ($138.25 billion). Investment in residential property rose 29.2 percent to RMB 776.2 billion.
Source: Shanghai Daily