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China's property investment up 4.1% in Q1

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-04-13 11:53

House buyers are looking at models at Beijing House Exchange and Exhibition Fair on April, 9, 2008. [Asianewsphoto]

China's real estate investment totaled 488 billion yuan ($71.45 billion) in the first quarter of this year, an increase of 4.1 percent on a yearly basis, the National Bureau of Statistics (NBS) said on Monday.

Related readings:  US property dealers eye wealthy Chinese  Property prices continue upward march  Rentals inch down in Beijing in Q1  Housing prices may 'fall sharply'

The growth rate is 3.1 percentage points higher than the first two months but is 28.2 percentage points lower than the same period of last year.

The property price in China's 70 major cities also dropped 1.3 percent in March on a yearly basis. But the month-on-month figure is up 0.2 percent.

And 29 cities saw a year-on-year increase in March in the sales price for new residential buildings, with Yinchuan in Ningxia Hui autonomous region heading the list. 41 cities, however, experienced a price fall, and Shenzhen saw the biggest drop of 12.2 percent.