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Affordable home plan gives lift to investments
By Wang Weini |
July 14, 2011, Thursday
|
Print Edition
Print Edition
CHINA'S affordable housing program boosted property investments at a fast pace in the first half of this year even as the government rolled out several measures to cool the property market.
The investments jumped 32.9 percent from a year earlier to 2.63 trillion yuan (US$407 billion) in the first six months but they slowed from a 34.6 percent increase through May, the National Bureau of Statistics said yesterday.
Residential investments gained 36.1 percent to 1.86 trillion yuan, the bureau added.
"Private developers have not been affected by the tightening measures too much, while affordable housing building is catching up," said Yao Wei, an analyst at Societe Generale.
Housing sales gained 12.9 percent to 444.19 million square meters from January to June, against a 9.1 percent increase through May, including a 12.1 percent rise in residential sales, the bureau said.
The transaction value of housing sales gained 24.1 percent in the period to 2.46 trillion yuan, with residential sales up 22.3 percent to 2.07 trillion yuan.
"Premier Wen Jiabao's target to build 10 million affordable housing units this year, with annual investment of 1.3 trillion yuan, will further elevate urban fixed-asset investments in the second half as only 34 percent of the building target has been met as of May," said Chris Leung, an analyst at DBS Group Research.
The investments jumped 32.9 percent from a year earlier to 2.63 trillion yuan (US$407 billion) in the first six months but they slowed from a 34.6 percent increase through May, the National Bureau of Statistics said yesterday.
Residential investments gained 36.1 percent to 1.86 trillion yuan, the bureau added.
"Private developers have not been affected by the tightening measures too much, while affordable housing building is catching up," said Yao Wei, an analyst at Societe Generale.
Housing sales gained 12.9 percent to 444.19 million square meters from January to June, against a 9.1 percent increase through May, including a 12.1 percent rise in residential sales, the bureau said.
The transaction value of housing sales gained 24.1 percent in the period to 2.46 trillion yuan, with residential sales up 22.3 percent to 2.07 trillion yuan.
"Premier Wen Jiabao's target to build 10 million affordable housing units this year, with annual investment of 1.3 trillion yuan, will further elevate urban fixed-asset investments in the second half as only 34 percent of the building target has been met as of May," said Chris Leung, an analyst at DBS Group Research.
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