The total investment in China's booming real estate sector has rocketed to an estimated 5.3 trillion yuan (657.6 billion US dollars) over the last five years. There was a rapid increase in real estate investment between 2001 and 2005. The national real estate investment in the first 11 months of last year reached 1.324 trillion yuan, up on the total of 2004 - 1.316 trillion yuan. By the end of 2005, the purchase of private housing had accounted for 93.2 percent of the total dealings, with Chinese residents spending 968 billion yuan that year, about twice that of the year 2000. Chinese residents' total expenditure on houses in the past five years has exceeded 4 trillion yuan. In 2004, the added value of the real estate industry reached 717.4 billion yuan, about 4.5 percent of China's national gross domestic product (GDP). Between 2001 and 2005 nearly 1.3 billion square meters of new housing were built in China each year - 570 million square meters in urban areas and 730 million square meters in rural areas.
(Source: Xinhuanet,2006-01-30) |
