China’s real estate market volume reached $42.7 trillion

Almaty. September 5. Silkroadnews - China’s real estate market volume reached $42.7 trillion, GBTimes information portal reported.
“China’s property value has reached US$42.7tn, according to recently released data, ranking it first on the world’s housing value list”, report said.
This amount, as noted, is almost four times bigger than China’s GDP in 2016 and accounts for more than 25% of the value of real estate on a global scale.
According to Savills plc, a leading provider of real estate services, the value of global real estate is estimated at $200 trillion, including residential (84%) and commercial (16%) real estate.
70% of housing are reported to be concentrated in 10 countries, with the U.S. and Japan ranking the second and the third respectively. Data by the National Bureau of Statistics show last year the added value of real estate in China made 6.5% of the country’s GDP, which means that the industry is still one of the major pillars of China’s rapid economic growth.