Local government land sale areas in 100 major Chinese cities up 6.8% in Jan-Aug

Local government land sale areas in 100 major Chinese cities up 6.8% in Jan-Aug

Land sale areas by local government to real estate developers in 100 large and medium-sized cities in China amounted to 420.83 million square meters in the January-August period of the current year, up 6.8 percent year on year, as announced by CRIC, a real estate research institute of E-House, a Shanghai-based real estate transaction service provider.

In the first eight months, land sale areas by local government to real estate developers in the four first-tier cities totaled 26.36 million square meters, up 41.2 percent year on year, while in the 32 second-tier cities the total amounted to 227.94 million square meters, down 1.0 percent year on year.

“In the first half of the current year, the land market has been very hot in first-tier cities as they supplied good land, which stimulated real estate developers to buy land, while the land market will likely become more stable in the second half this year amid China’s curbing policy issued to control the rapid growth of real estate prices,” Yan Yuejin, chief research officer of CRIC, stated.

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