According to National Statistical Bureau, from Jan to Sep, the contribution of real estate to GDP is 8%. However,according to CICC research team, in third quarter, property related service accounted for 3.8% of real GDP growth, and 12.3% to norminal GDP. But this figure is calculated only by construction GDP. It does not include the property related industries. While construction related raw material industry accounted for 5%, furniture and house decoration was 5%, and property finance is 2%.
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