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Asking prices only for land sales
By Cao Qian |
September 8, 2011, Thursday
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Print Edition
Print Edition
LAND sales soared in Shanghai in August despite an extremely sluggish housing market but the majority of the parcels were sold at asking prices as developers remained cautious.
Land plots totalling 2.2 million square meters were transacted in the city last month for nearly 19.76 billion yuan (US$3.1 billion), according to a latest research done by major real estate website Soufun.com. The figures were the highest for this year.
In July, 987,900 square meters were sold for 8.8 billion yuan in the city, representing a growth of 82 percent and 122 percent annually.
"While the local land market rebounded significantly last month in both sales volume and value, more than 80 percent of the plots were acquired at asking prices, an indication that cautious sentiment still lingered among real estate developers amid an uncertain market outlook as well as tightened credit," said Zhang Wanyu, a Soufun analyst.
"Notably, land designated for commercial development, which accounted for less than 20 percent of the total by area, took up nearly 60 percent of the total sales by value," Zhang said.
By area, land earmarked for affordable housing accounted for 64 percent, followed by 18 percent for both mainstream housing and commercial development. By value, parcels for commercial use made up 57 percent, followed by 27 percent for affordable housing and 16 percent for mainstream housing, Soufun data showed.
Real estate developers have been lukewarm over land auctions since several rein-in policies aimed at curbing speculation in the housing market were launched in late January.
Land plots totalling 2.2 million square meters were transacted in the city last month for nearly 19.76 billion yuan (US$3.1 billion), according to a latest research done by major real estate website Soufun.com. The figures were the highest for this year.
In July, 987,900 square meters were sold for 8.8 billion yuan in the city, representing a growth of 82 percent and 122 percent annually.
"While the local land market rebounded significantly last month in both sales volume and value, more than 80 percent of the plots were acquired at asking prices, an indication that cautious sentiment still lingered among real estate developers amid an uncertain market outlook as well as tightened credit," said Zhang Wanyu, a Soufun analyst.
"Notably, land designated for commercial development, which accounted for less than 20 percent of the total by area, took up nearly 60 percent of the total sales by value," Zhang said.
By area, land earmarked for affordable housing accounted for 64 percent, followed by 18 percent for both mainstream housing and commercial development. By value, parcels for commercial use made up 57 percent, followed by 27 percent for affordable housing and 16 percent for mainstream housing, Soufun data showed.
Real estate developers have been lukewarm over land auctions since several rein-in policies aimed at curbing speculation in the housing market were launched in late January.
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