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Land sales plunge as developers remain bearish
By Cao Qian |
March 2, 2012, Friday
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Online Edition
Online Edition
LAND sales plunged in Shanghai in the first two months of this year amid sluggish sentiment among real estate developers who have remained generally cash-strapped after government austerity measures to curb housing speculation seriously damped home sales.
Sales of land parcels, designated for all sorts of developments excluding public use, totaled 5.754 billion yuan (US$913 million) between January and February, according to research released today by Soufun.com, operator of the country's largest real estate website.
That, however, compared to a monthly land transaction of 9.858 billion yuan by value registered in 2011, Soufun said.
In February alone, land sales dived 64.5 percent from same period a year earlier to 3.126 billion yuan, with more than 82 percent gained from parcels slated for residential purposes. Six plots with a combined area of 398,300 square meters were released to the local market last month and all of them were sold, which indicated a decrease of 35.9 percent in supply and a dive of 56.3 percent in transaction, Soufun data showed.
Sales of land parcels, designated for all sorts of developments excluding public use, totaled 5.754 billion yuan (US$913 million) between January and February, according to research released today by Soufun.com, operator of the country's largest real estate website.
That, however, compared to a monthly land transaction of 9.858 billion yuan by value registered in 2011, Soufun said.
In February alone, land sales dived 64.5 percent from same period a year earlier to 3.126 billion yuan, with more than 82 percent gained from parcels slated for residential purposes. Six plots with a combined area of 398,300 square meters were released to the local market last month and all of them were sold, which indicated a decrease of 35.9 percent in supply and a dive of 56.3 percent in transaction, Soufun data showed.
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