January-October property investment totals $350 billion

China Information News, citing the National Bureau of Statistics, said, national property investment totaled RMB2.39 trillion ($349.75 billion) during the January-October period, up 24.6% year-on-year, while the growth rate was 1.9 percentage points lower than the first three quarters.

Investment for commercial residential housing amounted to RMB1.75 billion, up 27.4% year-on-year and accounted for 73.1% of the total property investment. Yet the growth rate was 1.3 percentage points lower than that by the end of October.

Some 2.48 billion square meters of housing was under construction during this period, up 18.7% from the same period last year. Property developers purchased 300 million square meters of land nationwide, down 5.6% year-on-year and completed construction on 190 million square meters, down 2.5% year-on-year.