China’s investment in property development rose 4.6 percent year on year in the first eight months of 2020, widening from the 3.4-percent increase in the first seven months, the National Bureau of Statistics (NBS) said Tuesday.
Total property investment in the period stood at 8.85 trillion yuan (about 1.3 trillion U.S. dollars), the NBS said.
Investment in residential buildings came in at 6.55 trillion yuan, up 5.3 percent from the same period last year, accelerating from the 4.1-percent rise in the Jan.-July period.
Commercial housing sales in terms of floor area totaled 984.86 million square meters in the first eight months, down 3.3 percent year on year, narrowing from the 5.8-percent drop in the first seven months.
In terms of value, commercial housing sales rose 1.6 percent year on year to 9.69 trillion yuan in the first eight months, compared with the 2.1-percent drop in the first seven months.
The property development climate index compiled by the NBS edged up 0.24 points from July to 100.33 points in August.
China’s housing market remained generally stable in August, with a slight month-on-month rise in home prices in major cities, according to the NBS.
New home prices in four first-tier cities — Beijing, Shanghai, Guangzhou and Shenzhen — rose by 0.6 percent month on month in August, up 0.1 percentage points from a month earlier.
China has reiterated the principle that “houses are for living in, not speculation.” While curbing housing price speculation, the country will implement city-specific policies in the sector, according to this year’s government work report.