China's Property Management Industry to Help Boost National Economy

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Last updated at: (Beijing Time) Tuesday, July 15, 2003

China's Property Management Industry to Help Boost National Economy

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The two-decades-old property management industry in China has grown to be a driving force to boost the national economy, based on increasing housing purchases, Vice Minister of Construction Liu Zhifeng said Monday.

Liu told a national property management conference that the property management industry was playing a role in stimulating social consumption in China, and the people now spent more on house decoration, repair and property management services than before.

Statistics show that the gross domestic product (GDP) created by the property management industry in Beijing, Shanghai and Shenzhen, respectively reached 7 billion yuan (843 million US dollars), 7.85 billion yuan (946 million US dollars) and 5 billion yuan (602 million US dollars), and accounting for 2.23 percent, 1.45 percent and 2.23 percent of the cities GDP respectively.

According to Liu, urban residents in China now occupy 22 square meters of housing per capita at present, and the short supply of housing has been resolved basically.

While pursuing bigger houses, the people are more concerned about housing quality and customer service, he said.

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