Guangdong's real estate sector boosted GDP by 0.7 percentage points in the first three quarters.

China Paint Network
:
October 20, the Guangdong Provincial Bureau of Statistics released the first three quarters of economic data, preliminary accounting and approved by the National Bureau of Statistics, the first three quarters of Guangdong's GDP of 5252.238 billion yuan, in terms of comparable prices, an increase of 7.9% YoY, 1 percentage point higher than the national. On a quarterly period, growth was 7.2% year-on-year in the first quarter, 8.1% in the second quarter and 8.3% in the third quarter. Data show that in the first half of the year, the financial and real estate sectors played an important role in Guangdong's economic growth, with the two major sectors contributing 26.1% to economic growth and boosting GDP growth by 2.0 percentage points. At the same time, the real estate market continued to pick up in the first three quarters, with sales of commercial housing in January-September reaching 78.1794 million square meters, up 31.9% yoY and up 6.4 percentage points from January-June. In the first three quarters, the value added of the real estate industry grew by 13.0%, up 1.9 percentage points from the first half of the year, and the contribution to Guangdong's economic growth increased from 7.5% in the first half to 9.2%, boosting GDP growth by 0.7 percentage points. And when it comes to real estate recovery, the analysis believes that this and the current real estate market one and two lines and three or four lines of urban polarization is seriously related. Of the four first-tier cities, Guangdong is home to Guangzhou and Shenzhen, which account for a large proportion of The Guangdong real estate market. Since this year, especially after the "330 New Deal", the first-tier cities of the property market rebounded, sales are significantly better than other cities, so Guangdong's property market performance is significantly better than the country.