China's vacant commodity buildings totaled 122 million square meters in floor space by the end of May, surging 17.8 percent year on year, the National Bureau of Statistics said in its latest monthly report.

Vacant commodity houses increased by 15.9 percent to reach 67.28 million square meters in floor space in the same period.

China's housing developers spent 565.8 billion yuan in investment in the first five months, up 21.8 percent. The growth rate is 2.5 percentage points lower than the same period of 2005.

Investment on commodity houses rallied by 25.4 percent to reach 389.2 billion yuan.

Investment on government-subsided affordable houses amounted to 14.9 billion yuan, rising by three percent.

Loans from domestic banks to housing developers rocketed by 42.9 percent. Foreign investment in housing development gained by 4.7 percent.

Total areas of land developed in the first five months expanded by 46.2 percent to reach 97.93 million square meters.

Total floor areas completed between January and May climbed by 20.9 percent to reach 1.286 billion square meters.

(Xinhua News Agency June 17, 2006)