BEIJING Chinas real estate sector powered ahead in October, suggesting that private sector investment was starting to contribute more significantly to an economic recovery led so far by government spending.
Property sales and new construction surged, while investment in real estate rose 18.9 percent in the first 10 months from a year earlier, picking up from 17.7 percent in the first nine months, the National Bureau of Statistics reported Tuesday.
Calculations show that investment growth in October alone slowed to 28.4 percent from 37 percent in September and 34.6 percent in August.
Although property investment dipped a bit in October from the previous two months, growth is still very strong, and the trend is expected to continue, given the figures for sales and new starts, said Xing Ziqiang, an economist at China International Capital Corp. in Beijing.
With the sector showing broad-based strength, property prices in 70 cities rose 3.9 percent in October from a year earlier, up from 2.8 percent in the year to September.
Are you worried that if China grows to powerful another Cold War could begin? Do you think China is going to be the next world's superpower if its Economic power continues to grow?
-- Edited by Mdparamo78 on Wednesday 11th of November 2009 06:05:38 AM
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Michael Paramo "To remain ignorant of what happened before you is to remain a child always" -Cicero
I think communism will never be rid from this planet and I also believe that China is not very close to collapse considering they have both Communism in their government with some added Capitalist views.
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Michael Paramo "To remain ignorant of what happened before you is to remain a child always" -Cicero
