The price of newly built houses in Shenzhen jumped 11% from June to July, rising to 12,000 yuan per square meter.

The price of newly built houses in Shenzhen jumped  11% from June to July, rising to 12-thousand yuan  per square meter.

The news comes from the latest real estate report issued by the Shenzhen municipal government. Shenzhen invested 23 billion yuan in property development from January to July, a drop of 3 percent compared with the same period last year.

Commercial housing investments were recorded at 17 billion yuan, down 1 percent year on year. Analysis in the report indicates that current adjustments in the property market are a continuation of trends from the second half of 2007. With the macro economic environment facing many uncertainties, market adjustments are expected to continue.

China´s NEA officially launched

China's National Energy Administration has been officially launched. The new authority comes under the National Development and Reform Commission.

The new agency was inaugurated on Friday morning. NEA officials say the ceremony marks the symbolic start of operations. The administration is charged with strengthening national energy management, and to ensure sustainable development of the country's economy.

The NEA says its first priority is to secure energy supplies during the Olympics. The long-term goal is to re-adjust the country's energy plan and improve cooperation in global energy fields.