Local housing market booming
11/7/2003 14:31
Shanghai's real estate market has maintained a rapid growth despite
the negative impact from SARS, with 6.3723 million square meters of housing
properties completed construction and 7.4675 million square meters of properties
sold in the first half of the year, according to the Shanghai Statistics Bureau
yesterday.
The added values of the local real estate industry reached 18.166
billion yuan (US$2.2 billion) in the first six months of the year, an increase
of 8.1 percent from a year before, accounting for 6.4 percent of the local GDP.
The unsold housing areas in Shanghai continued to decline, with 2.8595
million square meters of properties unoccupied for at least one year by the end
of last month, among which 1.0613 million square meters were residential
properties, down 20.9 percent from the beginning of this year, according to
statistics.
A total of 41.743 billion yuan was invested in the real estate
development in the first six months of the year, with 8.879 billion yuan
invested by private firms, 15.746 billion yuan invested by share-holding
companies and 7.792 billion yuan invested by foreign, Hong Kong, Macau and
Taiwan firms, up 62.9 percent, 3.4 percent and 37.5 percent from a year before
respectively, the statistics
indicated.
Wendy Zhang/ Shanghai Daily news
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