Despite a slump in China's real estate market, orders for elevators increased 16 percent year-on-year in the first quarter, according to the latest figures from the China Elevator Association.
Given the country's rapid urbanization and aging population, domestic demand for elevators will remain high over the next five years, regardless of heavy government restrictions on home sales, according to an industry analyst.
This year, China's affordable housing boom is expected to push up the demand for elevators by 23 percent compared with 2011, the analyst explained.
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