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Total value of housing in China may exceed 90 trillion yuan

(chinadaily.com.cn)
Updated: 2009-09-15 15:13

The total value of housing in China may be more than 90 trillion yuan ($13.18 trillion), 200 percent more than China's GDP, the China Securities Journal reported.

Related readings:  Beijing housing prices keep rising in August  Housing subsidies cause confusion  Housing prices rise 2% in August  Shanghai second-hand housing trading declines  Beijing housing trading volume decreased by 45% in Aug

According to statistics from the National Bureau of Statistics (NBS), the building area of housing per capita of urban residents in 2006 was 27.1 sq m and the urban population that year was 577 million. This means the total area of urban buildings was 15.64 billion sq m.

According to the financial information provider Wind Info, the apartments sold between 2007 and now totaled 1.877 billion sq m. Therefore, the total building area of urban housing in China is 17.51 billion sq m.

The China Securities Journal said the average urban housing price is 4,312 yuan (US$631), which means the value of the country's urban housing approximated to 75.5 trillion yuan (US$11.05 trillion).

The newspaper estimated the current total area of housing in the rural areas to be 22.8 billion sq m and the total value of rural housing to be 15.98 trillion yuan (US$2.33 trillion).

Adding together the value of urban housing and rural housing, the total value of housing in China could be more than 90 trillion yuan.