Guizhou's realty investment up 23% in H1

Guizhou province's investment in real estate development reached 105.71 billion yuan ($17.17 billion) during the first half of this year, growing by 23 percent over the same period last year, according to the latest data from the provincial Bureau of Statistics.

Total area of buildings under construction in Guizhou covers 177.53 million sq meters, increasing by 28.5 percent from a year earlier. Its residential construction area occupies 122.35 million sq meters, growing by 24.6 percent and an area of home sales is 13.14 million sq meters, increasing by 10 percent.

As the real estate development investment is one pillar of investment in fixed assets, many provinces rely on developing real estate to stimulate their economy.

China Business News has analyzed the proportion of each province's real estate development investment accounting for its GDP. The top 10 places are Hainan (36 percent), Guizhou (27 percent), Yunnan (25 percent), Chongqing (24 percent), Fujian (22 percent), Liaoning (21 percent), Ningxia (21 percent), Anhui (21 percent), Zhejiang (18 percent) and Sichuan (16 percent).

Just after Hainan province, Guizhou ranks second, which shows it still highly depends on real estate development.