Land development surges in Fujian
Investment in real estate development in Fujian province increased by 3.1 billion yuan (about HK$2.88 billion) in the first five months of the year, 9.1 per cent more than in the same period of last year.
Official figures also indicate Fujian's developers sold commercial housing and office buildings with a combined floor space of 780,000 square metres up to May, a surge of 98 per cent year on year.
Commercial buildings with a combined floor space of 13 million sq m are being built in Fujian, up 43.6 per cent year on year.
In another analysis, about 600,000 sq m of area was developed in the first five months, 19.7 per cent more than the comparable period last year, Xinhua reported.
However, a provincial official pointed out that greater efforts should be made to market idle buildings, which have a combined area of 3.39 million sq m.
While optimistic about the prospects of Fujian's real estate industry, developers must stay rational and conduct good market surveys to avoid blind investment, the official warned.