China’s latest statistics on real estate investment are in, and the results show a significant uptick in residential and commercial property sales during October.
During the first ten months of 2012, residential and commercial sales together amounted to RMB 4.630 trillion – a 5.6 percent increase over 2011. During the first nine months of this year sales had only totalled RMB 4.035 trillion, which amounted to a rise of only 2.7% over the previous year.
In the residential market, sales for the first ten months of the year climbed by 6.6 percent compared to the same period a year earlier. This increase also showed an acceleration over the January to September results for the year, which has showed only a 3.3 percent increase over 2011.
For the month of October alone, sales of homes equaled RMB 504 billion, which was a 35.2 percent increase over 2011. However, sales for October were down 6.8 percent compared to September, although much of this drop could be attributed to the weeklong National Day holiday from October 1st to 7th.
According to the figures from the Statistics Bureau, investment in property development in China went up by 15.4 percent during the first ten months of the year, reaching RMB 5.763 trillion. This rate of increase was generally consistent with the rate during the earlier nine months of the year.
In terms of the volume of square metres of new property starts, new projects were down 8.5 percent over the same period a year earlier.
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