China Business Network:

In the first three quarters, the total investment in real estate development achieved year-on-year growth of 10.5%. Do you think this double-digit growth can be sustained? What's your opinion on real estate's contribution to economic growth? Thank you.

Mao Shengyong:

In regard to your first question about the real estate market, we have reinforced the principle that houses are for living in, not for speculation. Currently, housing prices are stable; and the growth of investment in real estate market from January to September has been kept basically above 10%, which means stability. Meanwhile, real estate sales have slightly decreased. Based on these indicators, we can say we have maintained general stability in the real estate market. This is also the case in regard to land sales.

As for real estate's contribution to economic growth, similarly, housing demand should not be speculative and investment-driven. Real estate will not be used as a short-term stimulus for economic growth. The sector's development is generally stable, healthy, and orderly.