Beijing slows down property investment

Updated: 2006-12-23 06:37

Investment in real estate development projects amounted to 136.2 billion yuan (US$17.5 billion) in China's capital over the first 11 months of this year, a growth of 15.1 percent from the same period of last year.

According to the municipal bureau of statistics, the growth was 2.5 percentage points lower than the year-earlier level.

Experts with the bureau said the slowdown implied that efforts to rein in the overheating real estate sector since 2004 have paid off.

Between January and November, 94.25 million square meters of office buildings and condos were under construction in Beijing, down 0.3 percent from the same period of last year. The total included 58.38 million sq.m of housing, down 10.1 percent.

The 11-month period saw 20.72 million sq. m of condos and office buildings sold out in the city, including 17.7 million sq. m of housing.

The bureau said in the first 11 months, Beijing invested 270 billion yuan (US$34.6 billion) in fixed assets, up 20.7 percent.

Top China News  
Today's Top News  
Most Commented/Read Stories in 48 Hours