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General Information on Changsha’s Development
Changsha, the provincial capital of Hunnan Province, is the center for the provincial politics, economy, culture, education and business. There are five districts, three counties and one city with a total area of 11,800 square kilometers and a population of 6.13 million. The downtown area is 556 square kilometers with a permanent population of 1.99 million.
The total GDP of Changsha in 2004 reached a new level. According to preliminary calculation, the total GDP of the whole city reached 110.885 billion RMB with a growth by 14.8% on the calculation of comparative prices. This was 5.3% faster in growth rate than the national growth and 2.8% faster than the growth of the whole province, and became the fastest growth since the year 1994. The added value created by the Primary Industries reached 10.333 billion RMB with a growth by 7.2%. The total added value created by the Secondary Industries reached 32.953 billion RMB with a growth by 20.0% and 0.2% lower in growth rate compared to the same time of the previous year. The total added value created by the tertiary industries reached 51.295 billion RMB with a growth by 11.5% and 0.7% faster in growth rate in comparison. The contributions to the GDP growth of the Three Industries were 4.3%, 58.3% and 37.4% respectively by driving the GDP to growth by 0.6%, 8.6% and 5.6%. Seen from the perspective of demand, the demand of social investment drove the GDP to grow by 9.6% with a contribution as high as 64.9%. The demand of social consumption drove the GDP to grow by 5.0% with a contribution at 33.7%, while the need of exports drove the GDP to grow by 0.2% with a modest contribution at 1.4%. The proportion among the Three Industries was 9.3:44.4:46.3. If using the registered population as the denominator, the per capita average GDP reached 18,294 yuan with a growth of 2,769 yuan by 13.4%. If using the permanent population number as the denominator, the per capita GDP of the city was 17,638 yuan with a growth of 2,828 yuan by 14.6%
The accomplished investment on real estate industry in Changsha in 2005 reached 25.635 billion RMB with a growth by 46.4% at a very rapid growth. The Constructed Floor Space reached 19.136 million square meters with a growth by 30.85%, among which the newly constructed space was 7.80 million square meters with a growth by 25.21%. The total floor space accomplished was 5.15 million square meters with a drop by 12.97%. The floor space accomplished for commercial using dropped by 13%. The main reason was due to the increasing number of newly opened projects, larger construction tasks, longer construction period, higher threshold of bank loans and the growth of relevant economic elements. It is expected that the year 2006 will witness a rapid growth on the accomplished spaces for commercial buildings .
In 2005, the total commercial floor space approved on sale reached 5.842 million square meters with a growth by 29.94%, among which, the residential building spaces approved on sale reached 4.598 million square meters with a growth by 27.14%, the office building spaces approved on sale was 317,800 square meters with a growth by 48.16%. The commercial space approved on sale was 863,000 square meters with a growth of 137.58%. With the tremendous growth in the spaces approved on sale, the actual selling and renting of office buildings and commercial buildings will definitely face a lot of pressure. In 2005, the total number of business case on commercial buildings accomplished reached 56,755 with a growth by 46.76% and a total area of 6.39 million square meters with a growth by 41.94% compared to the same period of the previous year. The sum of the money involved reached 16.979 billion RMB with a huge growth by 71.20%. The average price for commercial buildings was 3,030 yuan per square meter with a growth by 10.67%. The average price for residential buildings was 2,539 yuan per square meter with a growth by 6.20%. The social consumption need of commercial housing continued to be huge while the rise of the price continued to be stable and modest.
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