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China's property investment up 4.6% in Jan-Aug

Updated: Sep 15,2020 11:01 AM    Xinhua

BEIJING — China's investment in property development rose 4.6 percent year-on-year in the first eight months of 2020, widening from the 3.4-percent increase in the first seven months, the National Bureau of Statistics said on Sept 15.

Total property investment in the period stood at 8.85 trillion yuan (about $1.3 trillion), the NBS said.

Investment in residential buildings came in at 6.55 trillion yuan, up 5.3 percent from the same period last year, quickening from the 4.1-percent rise in Jan-July period.

Commercial housing sales in terms of floor area totaled 984.86 million square meters in the first eight months, down 3.3 percent year-on-year, narrowing from the 5.8-percent drop in the first seven months.

In terms of value, commercial housing sales rose 1.6 percent year-on-year to 9.69 trillion yuan in the first eight months, compared with the 2.1-percent drop in the first seven months.

The property development climate index compiled by the NBS went up slightly by 0.24 points from July to 100.33 points in August.

China's housing market remained generally stable in August, with a slight month-on-month rise in home prices in major cities, according to the NBS.

New home prices in four first-tier cities — Beijing, Shanghai, Guangzhou and Shenzhen — rose by 0.6 percent month-on-month in August, up 0.1 percentage points from a month earlier.

China has reiterated the principle that "houses are for living in, not speculation." While curbing housing price speculation, the country will implement city-specific policies in the sector, according to this year's government work report.