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Shanghai's property investment up 9.6% in 2011

Jan. 30, 2012 (China Knowledge) - Shanghai's real estate investment reached RMB 217.03 billion last year, 9.6% more than in 2010, according to Shanghai Municipal Statistics Bureau.

Investment in the indemnificatory housing project accounted for 34.3% of the city's residential property investment or 22.1% of the total property investment in Shanghai last year, said Director General Yan Jun.

Yan added that the value-added output in Shanghai's property industry amounted to RMB 101.7 billion last year, down 2.4% from two years ago or accounting for 9.2% of the total value-added output in China's tertiary industry.

In 2011, around 17.71 million square meters of properties were sold in Shanghai, reflecting a year-on-year decline of 13.8%. Of the total sales, transaction area of residential properties achieved 14.74 million sq m, down 12.6% year on year.

Last year, 2,400 residential properties each with an average price exceeding RMB 50,000 per sq m were sold in Shanghai, down 4.6% from two years ago, said analysts.

In the city's high-end residential property market, 72 properties were sold last year with an average price of more than RMB 100,000 per sq m, representing an increase of 9% in transaction volume.

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