The People’s Republic of China
Total Area: 9,640,820 km²
GDP (in million USD): 5,878,257
China, officially the People's Republic of China, is a sovereign state located in East Asia. It is the world's most populous country, with a population of over 1.35 billion.
Chinese property prices are now bouncing back, amidst central bank's decision to slash its key interest rates to boost the slowing economy.
In July 2012, the average house price in the 100 Chinese cities surveyed rose by 0.33% to CNY8,717 (US$1,377) per square meter (sq. m.) from the previous month, the second monthly rise after eight consecutive months of declines, based on figures released by China Real Estate Index System (CREIS). On an annual basis, house prices were still down by 1.77% in July 2012.
In China's top 10 cities (including Beijing and Shanghai), the average house price rose by 0.27% m-o-m but was down 2.32% year-o-year in July 2012, according to CREIS.
Residential property investment in China has tripled from 2% of GDP in 2000 to 6% of GDP in 2011. Real estate and property construction in the country currently accounts for around 11% of GDP, according to GK Dragonomics.
As skyrocketing house prices triggered public complaints, the government started a massive public housing program last year. In 2012, the government allocated more than 20,000 hectares of land for low-income housing, according to the Ministry of Land and Resources. In 2011, it started the construction of 10 million units. The government vowed to build 36 million affordable housing units until 2015.