Investments in China's real estate market jumped 31.4 percent in the first 10 months of this year from a year earlier to 1.92 trillion yuan (US$259 billion), the National Bureau of Statistics reported today.

 

About 1.37-trillion-yuan was invested in residential property, rising 33.7 percent from the same period last year, among which 61.8 billion yuan was pumped into budget homes, up 32.2 percent, the bureau said.

 

The country had 117.69 million square meters of vacant properties by the end of October, dropping 3.9 percent form a year earlier, and vacant residences covered an area of 58 million square meters, down 13.3 percent, the bureau said.

 

A total of 1.65 billion square meters of residences were under construction during the 10 months, rising 24 percent from a year earlier and developments on 198 million square meters of land were completed, growing 7.9 percent.

 

The real estate climate index grew 2.34 points in October from a year earlier to 105.74, a growth of 0.75 points from September, the bureau said.

 

The index, which reflects the nation's current property market situation and development trends, includes sub-indices such as investment, sources of capital, floor space of marketable yet unsold buildings, area of land developed and the floor space of buildings under construction.

 

Last month's average housing price in the mainland's 70 biggest cities jumped 9.5 percent on a yearly basis, compared with September's 8.9-percent growth rate, the National Development and Reform Commission said last week.

 

(Shanghai Daily November 19, 2007)