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Land prices to climb slower in Q1
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The gain in China’s land prices is likely to slow down in the first quarter of this year because measures to curb rising home prices remain in place, the Ministry of Land and Resources forecast yesterday.
The average price of land for housing development rose 8.95 percent year on year to 5,033 yuan (US$832) per square meter between October and December, the fifth straight quarter of rapidly-rising prices, according to the China Land Surveying and Planning Institute, a research unit under the ministry. The institute tracks 105 major cities across the country.
The gain compared with a year-on-year land price rise of 7 percent for mixed-use purposes, 7.9 percent for commercial uses and 4.5 percent for industrial purposes registered during the same period, the institute said.
“An upbeat momentum continued to extend in the market despite implementation of new tightening policies in a 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 expansion,” the institute said.
“The abundant capital of developers helped push up land prices.”
For this year, the central government will not ease controls or unveil more tightening measures while local governments may play a more independent role in fighting rapidly-rising home prices, the institute said.
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