BEIJING — China's investment in property development maintained steady expansion in the first nine months of the year, data from the National Bureau of Statistics (NBS) showed on Oct 18.

During the period, property investment rose 8.8 percent year-on-year to nearly 11.26 trillion yuan (about $1.75 trillion), NBS data showed.

Compared with the same period in 2019, property investment climbed 14.9 percent, putting the two-year average at 7.2 percent, NBS data showed.

Investment in residential buildings went up 10.9 percent from a year earlier to 8.49 trillion yuan in the first nine months.

During the same period, commercial housing sales gained 11.3 percent year-on-year in terms of floor area to over 1.3 billion square meters, putting the two-year average growth at 4.6 percent.

In terms of value, commercial housing sales went up 16.6 percent, the data shows.

In this year's government work report, China reiterated the principle that "housing is for living in, not for speculation," vowing to keep the prices of land and housing stable, as well as market expectations.

Looking forward, the real estate market is expected to maintain steady development as market entities become more rational, NBS spokesperson Fu Linghui told a press conference on Oct 18.