BEIJING — China's investment in property development rose 7.2 percent year-on-year in the first 10 months of this year, data from the National Bureau of Statistics (NBS) showed on Nov 15.

During the period, property investment stood at around 12.49 trillion yuan (about $1.95 trillion), NBS data showed.

Compared with the same period in 2019, property investment climbed 14 percent, putting the two-year average at 6.8 percent, NBS data showed.

Investment in residential buildings went up 9.3 percent from a year earlier to 9.43 trillion yuan in the first 10 months.

During the same period, commercial housing sales gained 7.3 percent year-on-year in terms of floor area to over 1.4 billion square meters, putting the two-year average growth at 3.6 percent.

In terms of value, commercial housing sales went up 11.8 percent, the data showed.

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.