May 13, 2009 (China Knowledge) - Heilongjiang, a northern province in China, saw real estate investment total RMB 620 million in the first quarter of this year, a year-on-year increase of 37.8%, according to the municipal statistical bureau.

In the first three months, investment in residential properties in Heilongjiang amounted to RMB 390 million, swelling 26.9% compared with the same period of last year, while commercial property investment rose more than 100% year on year to RMB 140 million.

Four cities of the province, the capital Harbin, Qiqihar, Mutankiang and Kiamusze, led the fast growth trend in real estate investment in the period from January to March.

In the same period, the average property price was RMB 3,130 per sq m, increasing 3.9% year on year. The average price for residential properties was RMB 2,996 per sq m, up 6.2% compared with the corresponding period of last year.

Property sales area declined 10.9% year on year to 617,000 square meters (sq m). Sales of commercial properties were 75,000 sq m, up 40.2% year on year, while sales of residential properties were 530,000 sq m, down 15.3% year on year, sources reported.