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China's property climate index up for three straight months

(Xinhua)
Updated: 2009-07-14 13:32

China's national property climate index, which reflects overall conditions in the sector, rose 0.61 percent to 96.55 last month, the National Bureau of Statistics (NBS) said on Monday.

It is the third consecutive month, since April, that the index has seen month-on-month growth, suggesting a rebound in the sector. The index had been falling since it peaked at 106.59 in November 2007.

Special Coverage: Housing in China Related readings:  Property prices increase for four consecutive months   Property developers trigger decline in shares   Property firms eyeing overseas realty buys

The index includes a package of figures used to measure investments, sales and land under development. A reading of above 100 is positive while one below that level indicates weak conditions.

Real estate investment nationwide rose by 9.9 percent in the first half from the same period last year, and the growth rate was 3.1 percentage points higher than the January-May level, said NBS.

Commercial housing sales rose 31.7 percent by acreage year-on-year in the first six months, 6.2 percentage points higher than the January-May level.

Home prices in 70 large and medium-sized Chinese cities rose 0.8 percent in June from May, up for the fourth straight month, according to NBS. In Beijing, housing prices rose 0.4 percent month-on-month in June.