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City land sales hit 26-month low in May
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LAND sales in Shanghai registered their feeblest showing in 26 months in May, with only two parcels hitting the market.
Excluding plots designated for public purposes, the area of sites sold dropped 90 percent from April to 35,000 square meters, with the aggregate value of sales falling 51 percent to 3.24 billion yuan (US$519 million), Century 21 China Real Estate, one of the city’s leading estate chains, said in a report released yesterday.
It was the smallest sale since March 2012. Year on year, sales fell 92 percent in area and 81 percent in value. No more land auctions are scheduled this month.
“The extremely slack sales in May can be attributed to a sharp decline in land supply, though demand from developers for high-quality land sites is still rather robust,” said Huang Hetao, vice director of research at Century 21.
A Poly Real Estate subsidiary acquired a 33,007-square-meter residential plot in northeastern Yangpu District on May 16, walking away the winner after nearly two hours of bidding. The competition was fierce because it was the first time in several years that a purely residential parcel within the city’s Inner Ring Road was put on the block.
Next month, the city is set to auction seven sites totaling 269,000 square meters. The combined starting price for all the parcels will be 2.55 billion yuan, Century 21 estimates. All the parcels are located beyond the city’s Outer Ring Road, with none having a starting price exceeding 10,000 yuan per square meter.
Under an earlier plan released by the local land authority, four plots should have been auctioned in Shanghai this month. However, two were postponed until June.
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