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Local economy less reliant on real estate
By Cao Qian |
July 26, 2012, Thursday
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Print Edition
Print Edition
SHANGHAI'S economy continued to cut its reliance on the real estate industry in the first half of this year, latest government data have showed.
Between January and June, the property sector contributed about 4.4 percent to the city's gross domestic product, according to the local statistics bureau. That compared with a proportion of 5.3 percent in 2011 and 5.8 percent in 2010.
During the first six months of this year, new home sales fell 1.2 percent year on year to 7.02 million square meters across the city while new home starts dropped 24.2 percent from the same period a year ago to 9.06 million square meters, the bureau said.
Between January and June, the property sector contributed about 4.4 percent to the city's gross domestic product, according to the local statistics bureau. That compared with a proportion of 5.3 percent in 2011 and 5.8 percent in 2010.
During the first six months of this year, new home sales fell 1.2 percent year on year to 7.02 million square meters across the city while new home starts dropped 24.2 percent from the same period a year ago to 9.06 million square meters, the bureau said.
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