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Property investment in China rose rapidly from January to May this year while the increasing number of houses dragged down property prices, according to the National Bureau of Statistics.
According to the statistics, property development investment reached up to 209.8 billion yuan (US$25.3 billion) in the past five months, increasing by 36.7 percent from last year.
Central China has boasted a growth of 49.8 percent in property investment, ranking on the top around the nation.
Bank loans for property investment amounted to 79 billion yuan in the last five months, up 35.9 percent from the previous year.
Unsold housing in China increased by 8.2 percent in the past five months from a year before, according to statistics.
The housing prices were trending downward with the average sales prices in the country at 2,290 yuan per square meter, down 3.3 percent from a year before. The average price of housing reached 2,103 yuan per square meter, down 4.3 percent from the previous year.
( eastday.com June 22, 2002)
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