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Affordable housing lifts volume of land sales
By Wang Yanlin |
December 30, 2011, Friday
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Print Edition
Print Edition
THE value of land sales in Shanghai fell in 2011 for the first time in three years although the volume of land sold rose, Soufun.com said yesterday in a report.
The increase was attributed to more land allocated for the construction of affordable housing while land prices fell amid restraining measures on home purchases.
The city saw 281 land parcels totalling 13.4 million square meters sold this year, up 4.72 percent from a year earlier, said Soufun, a major real estate website.
However, the value of sales dropped 14.4 percent to 118.3 billion yuan (US$18.7 billion) from that in 2010, the first fall in three years.
"A growing allocation of land for affordable housing is the main reason the volume of land sales rose," said Zhang Wanyu, a Soufun analyst.
The land parcels designated for government-funded affordable housing grew 42.6 percent annually to 5.5 million square meters. Their sales value surged 68.3 percent to 21.2 billion yuan.
By contrast, the parcels allocated for regular residential uses declined 16.9 percent annually to 4.8 million square meters, and their sales value dived 39.5 percent to 47 billion yuan.
The report said the value and volume of land sales for commercial uses were relatively stable.
Of the 281 land parcels sold this year, 170 were auctioned at the asking prices. Their average premium rate was 17.6 percent this year, down from 46 percent in 2010.
"The price drop reflects an overall weak land market in Shanghai, especially in the last quarter of this year," Zhang said.
He added the auctions of 27 parcels were terminated due to lack of interest from buyers this year, and 20 of them took place in the fourth quarter.
Despite the rapid drop in land prices Shanghai reiterated last week its determination to strengthen efforts next year to rein in housing speculation and enhance enforcement of home-purchase curbs.
Sky Xue, an analyst at China Real Estate Information Corp, said land prices may continue to fall next year as home sales may not rebound soon.
The increase was attributed to more land allocated for the construction of affordable housing while land prices fell amid restraining measures on home purchases.
The city saw 281 land parcels totalling 13.4 million square meters sold this year, up 4.72 percent from a year earlier, said Soufun, a major real estate website.
However, the value of sales dropped 14.4 percent to 118.3 billion yuan (US$18.7 billion) from that in 2010, the first fall in three years.
"A growing allocation of land for affordable housing is the main reason the volume of land sales rose," said Zhang Wanyu, a Soufun analyst.
The land parcels designated for government-funded affordable housing grew 42.6 percent annually to 5.5 million square meters. Their sales value surged 68.3 percent to 21.2 billion yuan.
By contrast, the parcels allocated for regular residential uses declined 16.9 percent annually to 4.8 million square meters, and their sales value dived 39.5 percent to 47 billion yuan.
The report said the value and volume of land sales for commercial uses were relatively stable.
Of the 281 land parcels sold this year, 170 were auctioned at the asking prices. Their average premium rate was 17.6 percent this year, down from 46 percent in 2010.
"The price drop reflects an overall weak land market in Shanghai, especially in the last quarter of this year," Zhang said.
He added the auctions of 27 parcels were terminated due to lack of interest from buyers this year, and 20 of them took place in the fourth quarter.
Despite the rapid drop in land prices Shanghai reiterated last week its determination to strengthen efforts next year to rein in housing speculation and enhance enforcement of home-purchase curbs.
Sky Xue, an analyst at China Real Estate Information Corp, said land prices may continue to fall next year as home sales may not rebound soon.
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