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Fixed-asset investment in China surged 23.4 percent during the first 11 months of this year from the same period a year ago led by the real estate industry, the National Bureau of Statistics (NBS) reported yesterday.
Investment totaled 2.612 trillion yuan (US$315 billion) for the 11-month period ending in November, the bureau said.
"The property market has stolen the limelight from other traditional industries amid investors' belief of a heavy return," said Albert Lau, managing director of FPD Savills International Property Consultants.
During the period, investment in real estate jumped 28.2 percent to 622.8 billion yuan, according to the report.
Fixed-asset investment refers to tangible assets with a life expectancy of more than one year paid for by state-owned or private companies. Spending by individuals or collectives is not counted.
Lau expects China's property boom to continue at least in the short term.
"In particular, Shanghai's property market has drawn the attention of more and more overseas investors who are keen on the city's infrastructure construction for the World Expo 2010," said Lau.
China's eastern region took the lion's share of the total value of fixed-asset investment worth 1.48 trillion yuan, representing 22.5 percent growth while the eight provinces in central China took in 588.1 billion yuan of such investments, a 27.4 percent rise. The western region, which includes 12 provinces, posted a 25 percent jump in fixed-asset investment to 451.9 billion yuan.
(Shanghai Daily December 18, 2002)
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