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China property prices up 6.4% in Dec.

Source:   Time:

Fresh figures from China's official statistics agency shows property prices in major cities surged more than 6 percent last December. 2010 also saw a 33 percent growth in the investment property sector.

The National Bureau of Statistics, says property prices in 70 large and mid-sized Chinese cities went up by 6.4 percent year-on-year in December. That growth is down by 1.3 percentage points from the previous month.

The bureau also says more than 4.8 trillion yuan of investment went into the real estate market in 2010. That represents a 33 percent growth year-on-year.

According to the data authority, China's floor space under construction totaled more than 4 billion square meters in 2010. That's nearly 27 percent higher from that of 2009.

2010 also saw 410 million square meters of land purchased by property developers, 28 percent higher from a year earlier.

Property developers raised more than 7.2 trillion yuan in 2010, a quarter higher than the previous year's figure.

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