City land sales sink 58.1% in H1

By Cherry Cao | July 1, 2014, Tuesday |

Online Edition

SHANGHAI'S land market cooled down in the first half of this year as real estate developers became cautious amid sluggish property sales.

Land sales, excluding those designated for public use, totaled 57.7 billion yuan (US$9.3 billion) between January and June, a 58.1 percent plunge from the second half of 2013 and a drop of 13.3 percent from the same period a year earlier, Shanghai Deovolente Realty Co said in a report released today.

By price, land sold for an average of 11,300 yuan per square meter, a dip of 0.6 percent from the previous six-month period and a rise of 11.3 percent year on year.

"Slack momentum dominated the city's housing market during the first six months of this year and it had a ripple effect on the land market," said Gu Feifan, deputy general manager of operations at Deovolente. "Meanwhile, the land authority also reduced the supply in order to avoid low prices or a failed auction."

Land plots auctioned in the first quarter of this year sold for an average of 51.4 percent higher than asking prices. The figure fell to 31.1 percent on average in the second quarter, Deovolente data showed.

By area, Qingpu District led all with 653,000 square meters of land auctioned in the first six months. By number of plots, the Pudong New Area led with 19 sold during the same period.

Business Real Estate

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

City land sales sink 58.1% in H1

Email this to your friend