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Guangdong's property inv't surges 40.0% in Jan-Feb

Mar. 20, 2012 (China Knowledge) - South China's Guangdong Province saw its investment in the property sector rise 40.0% year on year to RMB 54.68 billion in the first two months of this year, according to the latest figures released by the Guangdong Statistics Bureau.

The growth was 14.8 percentage points higher than that in the same period of 2011 and 6.1 percentage points than that in the whole of 2011.

The bureau said that the surge in property investment was due to rising number of property projects and a significant increase in land purchases, which soared 109.2% to RMB 5.62 billion during the period.

However, property sales in the province decline during the period. Sales value fell 28.5% year on year to RMB 48.55 billion, and sales area dropped 22.6% to 6.22 million square meters. Sales area of Shenzhen City saw the biggest decline of 55.1%, followed a 37.2% decrease in Zhongshan, 29.4% drop in Foshan and 19.2% drop in Guangzhou.

Properties developers in the province had 31.56 million sq m of properties for sale in the first two months, reflecting an increase of 49.5% year on year.

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