Sep. 13, 2012 (China Knowledge) - The sales area of properties developed by Beijing
's real estate developers experienced a faster growth of 23.9% YoY in the firs eight months, reaching 9.75 million square meters, according to the latest statistics released by the Beijing Statistics Bureau.
The growth rate was higher than the 21.7% increase in the first seven months.
The sales area of residential properties surged 36.5% YoY to 7.40 million sq m from January to August, while that of office properties decreased 1.8% YoY to 1.23 million sq m.
The sales area of commercial properties experienced a narrowed decline of 3% YoY, hitting 671,000 sq m in the eight-month period.
The city's investment in property development began to fall, the figure decreasing 0.3% from the corresponding period of 2011 to RMB187.62 billion in the first eight months as investment in residential properties dropped 15% YoY to RMB 97.81 billion in the period.
The city completed RMB 50.44 billion investment in government-supported housing projects, 11.6% more than that in the same period of last year.