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Land sales in city rise but prices keep falling
By Feng Jianmin |
October 1, 2011, Saturday
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Print Edition
Print Edition
THE number of land transactions in Shanghai rose in September as large property developers increased their land purchases during the month when prices kept falling, an industry report showed yesterday.
In September, 45 land parcels totaling 2.83 million square meters were sold for more than 12.9 billion yuan (US$2 billion), Soufun.com, China's major real estate website, said yesterday.
Total transactions in terms of area rose 21.5 percent from a year earlier, but the price tumbled 61 percent during the same period.
"Famous property developers have rarely bought land in the second half of this year under tight controlling measures, but their participation is active in September," said Zhang Wanyu, an analyst at Soufun.com. "It's a bargain to buy land when most of them are sold at asking prices."
Shanghai wasn't the only city eyed by the developers. Large property developers, including China Vanke and Poly Real Estate, have spent nearly 10 billion yuan to purchase land around the nation in the past month, the report said.
Soufun said it expected land sales by area in Shanghai will drop significantly in October from last year. That's because only 15 parcels of land had been registered to be sold in October in the city by the end of September.
In September, 45 land parcels totaling 2.83 million square meters were sold for more than 12.9 billion yuan (US$2 billion), Soufun.com, China's major real estate website, said yesterday.
Total transactions in terms of area rose 21.5 percent from a year earlier, but the price tumbled 61 percent during the same period.
"Famous property developers have rarely bought land in the second half of this year under tight controlling measures, but their participation is active in September," said Zhang Wanyu, an analyst at Soufun.com. "It's a bargain to buy land when most of them are sold at asking prices."
Shanghai wasn't the only city eyed by the developers. Large property developers, including China Vanke and Poly Real Estate, have spent nearly 10 billion yuan to purchase land around the nation in the past month, the report said.
Soufun said it expected land sales by area in Shanghai will drop significantly in October from last year. That's because only 15 parcels of land had been registered to be sold in October in the city by the end of September.
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