China probes foreign investment in real estate
Updated: 2008-01-08 10:54
Official figures from the National Bureau of Statistics however unveiled a rapidly expanding inflow of overseas capital into the sector shrouded by the risk of overheating.
Between January and November, real estate developing enterprises used US$ 53.9 billion of foreign capital including those from Hong Kong, Taiwan and Macao, a rise 71.9 percent from the same period of last year. Over the same period, just over 3,204 billion yuan (US$ 435.4 billion) flowed into the property sector from home and abroad, up 40.8 percent.
Industry insiders say that the governments may be making preparations for making further policies.
Despite tighter monetary policy marked by rises in lending rates six times last year amid efforts to curb investment growth and slow the economy, the real estate climate index still rose slightly in November to 106.59, up 0.85 points from October and up 2.67 points from last November.
But the government's focus stays with affordable housing for low-income households. In November, it urged local authorities to reserve at least 70 percent of the land designated for residential construction for low-rent units or smaller, cheaper homes.
The floor space of marketable, unsold buildings dropped 4.5 percent to 117.97 million square meters in November, which analyst say could be the result of developers building more affordable homes and fewer luxury properties.
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