Digest the latest news about the real estate and construction in China

News agency Reuters published a March news digest regarding China's real estate market. The real estate market - a pillar of China's economy, accounting for about 10% of GDP. The government began to attempt to curb prices since late 2009, fearing the formation of a bubble. The struggle for stability of the market is still going on. 18th of March. Growth in real estate prices in China slowed. Annual growth was 5.7% against 5.9% in January. 11th of March. In January-February 2011 the volume of investments in real estate in China rose by 35.2% compared to the same period in 2010. This is higher than the average annual growth in 2010 was 33.2% - National Bureau of Statistics. March 8. Authorities in Shanghai have developed a scheme in which insurance companies will be allowed to build affordable housing with government subsidies. Earlier, Prime Minister of China announced its intention to build 36 million affordable residential units by 2015 on 7 March. Profit of the largest Chinese real estate developer China Vanke rose by 69% in the IV quarter of 2010, March 4th. China does not intend to make further steps to cool the country's real estate market. The Chinese banking system can withstand a potential decline in property prices by 20-30%. * The figures for January-February, 2011 in Beijing, has sold 1.74 sq. m of commercial space, which is 18.9% less than in the same period last year. * The Chinese government believes that the program of affordable housing will need to invest 1.3 trillion yuan for 2011. They should go to the construction of the first 10 million housing units. * During the first week of March, the average price of purchase and sale of housing dropped by 7.9% in Shanghai. * Accommodation in 70 major Chinese cities rose by an average of 13.7% in 2010, according to the National Bureau of Statistics. According to Reuters .