China's annual real estate sales breaks record high $1.48t, surpassing the GDP of S Korea, Australia and Russia

A woman talks with a salesman at a property market fair in Hangzhou, Zhejiang province.[Photo/China Daily]

China's real estate sales have reached 10 trillion yuan ($1.48 trillion) in the first 11 months of 2016, China's National Bureau of Statistics announced on Tuesday. The amount excludes data from December.

The sales have surged 37.5 percent year-on-year, with a 24.3 percent growth of housing selling area. China's annual property sales in this industry have surpassed the GDP of South Korea, Australia, and Russia, which has a GDP of $1.38 trillion, $1.34 trillion and 1.33 trillion respectively in the year of 2015.