China's land price growth to slow in first quarter

By Cherry Cao | January 17, 2014, Friday |

Online Edition

LAND prices in China are expected to climb at a slower pace in the first quarter of this year with austerity measures to curb home price growth remaining in place, the Ministry of Land and Resources said today.

The average price of land for residential property development rose 8.95 percent annually to 5,033 yuan (US$825) per square meter between October and December 2013, marking a quickened pace for the fifth straight quarter, according to China Land Surveying and Planning Institute, a research unit under the ministry, which tracks 105 major cities across the country.

That compared to a year-on-year land price gain of 7 percent, 7.9 percent and 4.5 percent registered during the same period for parcels designated for mixed-use, commercial and industrial purposes respectively, the institute said.

"Upbeat momentum continued to extend in the market despite implementation of new tightening policies in a considerable number of cities in the fourth quarter of last year, with many real estate developers, which achieved robust sales in previous quarters, adopting an aggressive approach in land bank expansions," the institute said. "Abundant capital of developers helped to push up land prices."

For this year, the central government is neither going to loosen controls nor issuing further tightening measures while local governments may play a more independent role in their fight against rapid home price growth, the institute said.

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China's land price growth to slow in first quarter

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