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China house prices rise 3.9% in October

(chinadaily.com.cn)
Updated: 2009-11-10 14:48

China's housing prices rose 3.9 percent in October compared to the same period last year, according to the National Bureau of Statistics. The increase in October was 0.7 percent compared to the previous month.

The country's real estate developers invested 2.84 trillion yuan ($416 billion) from January to October, an increase of 18.9% year-on-year. Commercial resident buildings investment reached 1.99 trillion yuan ($292 billion), a 14.1% rise compared with the same period last year, making up 70.2% of the total share.

National construction area from January to October was 2.88 billion sq m, a growth of 16.4% compared with last year, and 1% amplitude compared with the period between January and September.

Newly-opened construction area amounted to 814 million sq meters, a 3.3% year-on-year increase, turning around a negative increment since January. Completed construction area accounted for 377 million sq m, advanced by 22.8% compared with last year. Completed resident housing construction area was 312 million sq m, a 25.1% year-on-year increase.

Developers bought 240 million sq m of land from January to October, a decrease of 18.7% compared with the same period last year. Of the 240 million sq m, 184 million sq m has been developed, a fall of 4.6%.