China's investment in property development maintained steady expansion in the first nine months of the year, according to data from the National Bureau of Statistics (NBS) issued on Monday.

During the period, property investment rose 8.8% year on year to nearly 11.26 trillion yuan (about $1.75 trillion), the NBS data shows.

Compared with the same period in 2019, property investment climbed 14.9%, putting the two-year average at 7.2%.

Investment in residential buildings went up 10.9% from a year earlier to 8.49 trillion yuan in the first nine months.

During the same period, commercial housing sales gained 11.3% year on year in terms of floor area to over 1.3 billion square meters, putting the two-year average growth at 4.6%.

In terms of value, commercial housing sales went up 16.6%, the data shows.

In this year's government work report, China reiterated the principle that "housing is for living in, not for speculation," vowing to keep the prices of land and housing stable, as well as market expectations.

Looking forward, the real estate market is expected to maintain steady development as market entities become more rational, NBS spokesperson Fu Linghui told a press conference on Monday. 

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