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The average housing expenditure of the urban residents in east China's Zhejiang Province increased by 60 times during the past five years, said the provincial statistical bureau Monday.

 

The conclusion was drawn in a report concerning the economic and social development in Zhejiang in the period.

 

The report, made by the bureau, said the per capita disposable income of the residents reached 16,294 yuan (US$2,036) and the gross expenditure amounted to 12,254 yuan (US$1,532) on a per capita basis last year.

 

More than 10 percent of the expenditure, or 1,333 yuan (US$166.6), was housing-related, increasing by 60.1 times as against that in 2000.

 

The report analyzed that the expenditure leap was primarily due to the soaring housing price in the province.

 

Stimulated by the economic growth, the housing price in Zhejiang started to skyrocket since 1998.

 

In its capital Hangzhou, the average downtown housing price had already exceeded 10,000 yuan (US$1,250) in 2004.

 

Besides, many residents' demand of improving their living condition increases the average housing expenditure in the province, the report said.

 

By the end of 2005, the per capita residential space reached 26.1 square meters, a 31.2 percent growth than 2000.

 

(Xinhua News Agency January 24, 2006)