Total investment in China's real estate development during the first seven months of the year increased by 20.5 percent from the same period last year.
Investment in residential property totaled 3,031.8 billion yuan during the seven-month period, up by 20.2 percent from last year, accounting for 68.4 percent of all real estate development investment, according to data released today by China's National Bureau of Statistics.
Despite government efforts to dampen the country's housing market, sales are increasing and home prices continue to rise . The value of sales of residential property increased by 40 percent during the first seven months, followed by office buildings with 29 percent growth and commercial buildings with 20.4 percent growth, according to the statistics.
Domestic loans for real estate investment reached 1,143.3 billion yuan during the first seven months, a 31.1 percent increase; foreign investment increased 26.9 billion yuan, up by 18.0 percent. Self-raising funds stood at 2,515.1 billion yuan, up by 18.2 percent. Other sources of funds included personal mortgage loans which totaled 794.5 billion yuan, a 56.0 percent increase.