China's real estate has been on a roll. It was reported that a total estimate of USD 657.6 billion was accumulated during the recent 10th 5-year plan period, that is 4.5 percent contribution to GDP. In 2001 and 2005 there has been an excellent increase in real estate investment for China. During those years it was said that it was a crucial period in China's urbanization process.
It was reported that last year over 1.324 trillion yuan, and a total of 1.316 trillion yuan on 2004, it was a great increase over the years. It was also said that at the end of 2005, there are 93.2 percent of the total dealings for private housing, over 968 billion yuan was spent by Chinese residents on that year alone, that's twice compared on 2000.
Over a 4 trillion yuan was the total expenditure on houses in the past 5 years for Chinese residents. The market reportedly bloomed and promoted the development of the market of second hand houses. 4 million is the said total number of staff who's involved in the house development all in all, just last 2004 there has been 717.4 billion yuan that has been added to the real estate industry, that is about 4.5 percent of China's GDP.
By: Quntrell LeSane