The sales of commercial property in the Guangxi Zhuang autonomous region has seen rapid increase in the first five months of this year, according to a recent real estate investment meeting in Nanning city.
Commercial property sales in Guangxi in the first five months of the year have jumped 30 percent year-on-year to 44.33 billion yuan ($7.23 billion). As many as 9.64 million square meters of property have been sold between January and May, a 12.1 percent increase compared with the same period last year.
About 9 million sq m of the entire 9.64 million sq m are residential properties. Sales of the residential properties totaled 38.03 billion yuan, an increase of 24.7 percent year-on-year, in the first five months.
The Guangxi government has set up a goal to invest a total of 170 billion yuan on property development this year. The total investment on property development in Guangxi in the first five months is 52.17 billion yuan, a decline of 4.7 percent year-on-year. The overall investment on real estate has slowed down. But investment has picked up since May, compared with the first four months of the year.
Statistics showed that Guangxi has invested 37.86 billion yuan on residential buildings this year, while the investment on office buildings reached 1.25 billion yuan during the same period. The investment on commercial properties and other types of buildings has reached 13.05 billion yuan.
Edited by Michael Thai