China's property investment up 11.9% in first four months

BEIJING - China's real estate investment increased 11.9 percent year-on-year in the first four months of this year, the National Bureau of Statistics (NBS) said Wednesday.

The growth was faster than the 11.8-percent expansion recorded in the January-March period.

The total property investment in the first four months amounted to 3.42 trillion yuan ($498 billion), with 72.8 percent used in residential buildings, the NBS said.

In the January-April period, the investment in residential buildings went up 16.8 percent year-on-year to 2.49 trillion yuan, according to the NBS.

During the same period, China's real estate developers built buildings of 7.23 billion square meters in floor area, an increase of 8.8 percent year-on-year.

Commercial housing sales measured by floor area came in at 420 million square meters in the first four months, down 0.3 percent year-on-year, with the sales in value exceeding 3.9 trillion yuan, up 8.1 percent from a year earlier.