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China's property sales up 2.2% in Jan-Aug

Sep. 10, 2012 (China Knowledge) - The sales of properties developed by China's real estate companies increased 2.2% YoY to RMB 3.40 trillion in the first eight months of this year, compared with a 0.5% decline in the first seven months, according to the latest statistics released by the National Bureau of Statistics (NBS).

The country's sales of residential properties rose 2.3% YoY to RMB 2.84 trillion during the eight-month period, and sales of office properties fell 1.9% to RMB 148.2 billion. Sales of properties for commercial purpose climbed 5.7% to RMB 356.4 billion.

Property sales in East China saw an increase of 2.2% YoY, hitting RMB 2.07 trillion. Property sales in Central China rose 6.1% YoY to RMB 645.8 billion, and sales in West China experienced a narrowed decline of 0.9% to RMB 681.1 billion.

Real estate developers in China sold 574.15 million square meters of properties during the period from January to August, down 4.1% compared with the corresponding period of 2011, after decreasing 6.6% in the first seven months.

The NBS said the country's investment in the property development saw a faster growth of 15.6% YoY to RMB 4.37 trillion in the first eight months, of which RMB 3.0 trillion was for residential property development, 10.6% more than that in the same period of last year.

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