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Recovery on as property sales surge

(China Daily)
Updated: 2009-06-11 10:38

China's property sales and investment accelerated, adding to signs that growth in the world's third-largest economy is recovering.

Sales rose 45.3 percent to 1 trillion yuan in the first five months from a year earlier and real estate investment growth quickened to 6.8 percent, the National Bureau of Statistics said. Sales grew 35.4 percent in the first four months.

"As developers run down inventory rapidly, they will soon start to buy land and increase spending again," said Frank Gong, chief China economist and strategist at JPMorgan Chase & Co in Hong Kong. "Property investment, which accounts for 10 percent of China's GDP and is a trigger for growth in related sectors, will become a strong driving force in China's recovery."

The companies benefiting from the revival in property include China Vanke Co, the nation's biggest listed developer, which said on June 8 that sales in May rose 20 percent from a year earlier.

The 6.8 percent increase in property investment to 1 trillion yuan in the first five months compared with a 4.9 percent gain through April, the statistics bureau said.

"Stronger than expected property investment growth means that fixed-asset investment growth in May could surprise on the upside and that investment growth in 2009 may also be stronger than most people expect," said Sun Mingchun, chief China economist at Nomura Holdings.

Urban fixed-asset spending expanded 30.5 percent in the first four months and data through May is due to be released yesterday.

A property development climate index rose for a second month in May, after declining for the 16 months through to March.

Bloomberg News

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