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Chinanews, Beijing, September 4 – Due to the wide demand-supply gap in the property market in China, the property industry in the country is expected to maintain a rapid growth in the next ten years.
According to Yang Shen, former Vice1 Minister of Construction, total floor space of houses had increased by 8.86 billion sq m in 1980 – 2006. The average floor space of houses per capita in China is larger than the figure in many other countries. In the past decade, the property industry has been soaring continuously at an average annual growth of 14%, contributing to 4.5% of China’s GDP. It is estimated that the growth of the property industry will take up 8% of the country ‘s GDP by 2010. With nuclear family taking the place of extended family in China, housing demand has become stronger and stronger in the market. In the next 10 years, commercial houses with the total floor space of 9.9 billion sq m will be needed. That is to say, the property industry must manage to keep an annual growth of 13.2%. However, taking China’s shortage of farmland into consideration, it will be very hard for the property industry to achieve it. Nevertheless, the shortage of land might also present a chance of rapid growth of business value of the property industry.
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