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Housing to take up most of land supply
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Shanghai’s land supply will continue to rise in December, with housing development taking up more than two thirds of the volume.
Around 37 land parcels covering a total site area of over 1.2 million square meters are set to be auctioned next month, a monthly jump of 47.5 percent and an annual growth of 32.1 percent, Soufun.com, operator of the country’s largest real estate website, said in a report released yesterday.
The parcels have a combined asking price of 18.2 billion yuan (US$2.98 billion), a monthly surge of 47.3 percent and an annual gain of 0.2 percent, according to Soufun data.
“It is no surprise that the local land authority is introducing residential parcels intensively in the last month of the year as it faces pressure to accomplish its 2013 target to release 10 million square meters of housing plots,” said Li Zongzhou, a Soufun analyst.
“However, it still seems unlikely that such a mission could be fulfilled,” he noted.
The government has plans to build homes on 23 of the 37 land parcels to be released next month. The 23 parcels cover a total site area of 836,000 square meters — the highest volume registered for a single month this year.
Over 7.61 million square meters of land parcels meant for housing were sold across the city, according to Soufun.
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