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China's Real Estate Industry in a Boom

 

China is expected to increase 5.5 to 6 billion square meters' of housing floor space, or 70 million sets of houses in the coming ten years, said Yang Shen, chairman of China Real Estates Association.

Statistics from Ministry of Construction show that from 1980 to 2000, China's real estate industry had kept a rapid growth momentum with newly-built houses in rural and urban areas to have reached 20.3 billion square meters, an increase of two folds as compared with the past 30 years.

Chinese government has taken real estates industry as a new drive for its economic growth, and has taken various measures to support the industry. So far, total investment in real estate hit 80 billion Yuan in China, accounting for 25 percent of the social fixed asset investment.

Experts predicted that as people's living condition has been raised continuously, and housing consumption will become an important motivation for economic growth. Therefore, to own a spacious and comfortable house will no longer be a dream for Chinese people, the current housing floor space for each resident being 20.4 square meters on the average.

According to this development speed, the average floor space for each house will be increased to 90 - 120 square meters from current 70 meters and average floor space for each resident will be increased to 35 square meters.

Experts say that China's real estate market promises a great potential, but it sees an unbalanced development, and it may incur certain risk during its rapid development.

Up to now the idle commercial housing floor has space reached 73 million square meters, the mainly reason being that housing design is not reasonable and bad location.

Restricted by economic development level, requirements for houses are quite different due to different regions and different people, and housing consumption sees strong regional and multilevel characteristics. Experts warn that housing construction should be carried out based on the real needs and blind construction should be prevented.

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