From January to September, the average price of property in China increased by 13 percent to 2,777 yuan (US$334.5) per square meter, according to the National Statistics Bureau as cited in today's Beijing Youth Post.
Residential properties brought an average of 2,566 yuan per square meter, up 10.9 percent from a year before.
The average price of properties in the East region was 3,449 yuan per square meter, up 14.3 percent from the previous year, while that in the Middle and West areas rose by 15.7 percent and nine percent respectively.
In the first nine months of this year, construction started for 411 million square meters of properties nationwide, an increase of 12.2 percent from the year before, with 328 million square meters of residential properties, up 10.6 percent.
A total of 122 million square meters of land was developed from January to September, rising 8.1 percent from a year earlier.
But not every property is selling quickly, or at all. By the end of September, a 97.48 million square meters of housing remained unsold, down 2.3 percent from a year before. Moreover, 57 million square meters (58.5 percent) remained unsold for more than one year. Most of the unsold housing is residential property. The volume of unsold property is 11 percent less than the previous year.