Land sales in city top 100b yuan in first 8 months

By Cherry Cao | September 2, 2013, Monday |

Online Edition

SHANGHAI'S land sales exceeded 100 billion yuan (US$16.3 billion) in the first eight months of this year amid rebounding sentiment among developers.

A total of 121 parcels -- 49 designated for residential purposes and 72 earmarked for commercial uses -- were sold in the city between January and August, fetching a combined 100.06 billion yuan, according to Soufun.com, operator of the country's largest real estate website, in a report released today.

"We expect land sales to exceed last year's 127.2 billion yuan by the end of this month as parcels with starting prices of 31 billion yuan are set to be released in September," said Li Zongzhou, a Soufun analyst. "Robust interest among real estate developers in land bank expansions began to emerge since April, with each following month recording sales of more than 10 billion yuan."

By price, 12 of the 121 plots saw their final price more than doubled from their asking price, evidence for intensified competition among developers who have both adequate capital and upbeat industry outlooks.

Shanghai Greenland Group, for instance, was one of the the most aggressive developers as it spent nearly 10.5 bilion yuan for nine parcels totaling 517,000 square meters during the eight-month period, Soufun data showed.

Citywide, the Pudong New Area and outlying districts of Minghang and Jiading saw the biggest supply of land in the first eight months of this year, with 33 parcels totaling 862,000 square meters being released in Pudong.

Real Estate

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Land sales in city top 100b yuan in first 8 months

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