Real estate sector contributes to Xi'an's development    Updated: 2022-11-16 14:36

The city of Xi'an – capital of Northwest China's Shaanxi province – has improved the living conditions of its urban and rural residents in terms of policy support, the living environment and the installation of support infrastructure over the past decade, to meet the rising demand for housing.

The scale of commercial housing construction has expanded steadily. The city's investment in real estate development increased from 128.19 billion yuan ($18.1 billion) in 2012 to 242.86 billion yuan in 2021, with an average annual growth rate of 7.6 percent.

Since 2012, the city has started construction of 155,600 units of indemnificatory housing covering 11.24 million square meters. It has completed and distributed 89,900 units of affordable housing covering 5.29 million sq m, guaranteeing housing for 130,100 households in difficulty.

The real estate sector has also promoted local economic development. In 2021, the added value of the city's real estate industry came in at 84.96 billion yuan, accounting for 7.9 percent of the city's GDP, an increase of 3.3 percentage points on 2012.

Meanwhile, the real estate industry has created a large number of employment opportunities and effectively expanded employment channels for urban and rural residents.

In 2021, the average number of employees in the city's real estate industry and the number of people engaged in production activities in the construction industry were 196,800 and 1 million, increases of 110,700 and 605,700 compared with 2012, respectively.

In addition to industries directly related to real estate development and construction, service industries – such as property management, real estate brokerage services, real estate valuation services and leasing operations – have also created lots of jobs.