China Property Prices, FDI Rise In September
10/15/2009 7:47 AM ET
(RTTNews) -
China's property prices in September rose at their fastest pace in a year as record lending and government stimulus boosted the economy. At the same time, foreign direct investment rose for the second straight month in September.
Property prices in 70 cities rose 2.8% year-on-year in September, the National Bureau of Statistics said on Thursday. That was the fourth consecutive increase after declines in seven months. In August, prices were up 2%.
Continuing growth in Chinese property prices suggests that the country's real estate market is improving. On a monthly basis, prices rose 0.7% in September, slightly down from a 0.9% growth recorded in August.
Prices of newly built residential properties rose 2.7% annually in September, quicker than the 1.5% increase seen in August. Prices in the secondary market grew 3.8% from a year earlier, slightly higher than August's 3.6% rise.
The statistical data also showed that Chinese investment in real estate rose 17.7% in the first nine months from a year earlier, up from 14.7% growth in the January-August period. Property accounts for more than 20% of total fixed-asset investment in China.
Home sales in the first nine months of the year jumped 73.4% over the previous year to CNY 2.75 trillion, the bureau said. That was up from a 70% gain in the first eight months.
Also on Thursday, the Commerce Ministry said in a statement that foreign direct investment in China rose 18.9% year-on-year in September, logging the second monthly increase. China received USD 7.9 billion in foreign investment last month. In August, investment was up 7% following declines in ten straight months. Foreign direct investment in the first nine months of 2009 was down 14.2% over the same period last year to USD 63.76 billion.
China's economy grew 7.9% in the second quarter from a year earlier, at a faster pace than the 6.1% expansion recorded in the first three months. Data released on Wednesday showed that exports dropped at a slower pace than expected in September, suggesting that demand is picking up as global economies started recovering from the worst recession.
by RTT Staff Writer
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