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Land sales values in city jump fourfold
By Cherry Cao |
July 2, 2013, Tuesday
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Online Edition
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SHANGHAI'S land sales jumped more than fourfold in value in the first half of this year as improving sentiment in the property market helped boost developers' outlook.
Between January and June, 4.66 million square meters of land, excluding those for public use, were sold across the city for 70.3 billion yuan (US$11.4 billion), a year-on-year surge of 120 percent and 379 percent, respectively, Soufun.com, China's largest real estate website operator, said today in a report.
The sales of land for housing, excluding government-subsidized affordable homes, totaled 713,200 square meters, or 11.99 billion yuan in value, Soufun data showed. Those for commercial development, with a combined site area of 2.36 million square meters, fetched 54.6 billion yuan. The remaining 1.58 million square meters, designated for affordable homes, were sold for 3.75 billion yuan.
The land parcels sold in the first six months were on average 23.4 percent more expensive than their asking prices, with 28 of the 117 plots fetching a price that was more than 50 percent costlier, according to Soufun research.
"Last year, only 18 parcels were sold for more than 50 percent higher than their starting prices," said Li Zongzhou, a Soufun analyst. "The fact that more real estate companies are willing to pay a higher price for land plots is both a reflection of strong demand among developers for land reserve expansions and an indication of upbeat momentum among the industry players."
Robust home sales registered in Shanghai since the second half of 2012 have replenished most developers' capital and boosted their prospects for the market. In the first six months of this year, 6.05 million square meters of new houses were sold in the city, an annual rise of 57.2 percent, according to Shanghai Deovolente Realty Co.
Between January and June, 4.66 million square meters of land, excluding those for public use, were sold across the city for 70.3 billion yuan (US$11.4 billion), a year-on-year surge of 120 percent and 379 percent, respectively, Soufun.com, China's largest real estate website operator, said today in a report.
The sales of land for housing, excluding government-subsidized affordable homes, totaled 713,200 square meters, or 11.99 billion yuan in value, Soufun data showed. Those for commercial development, with a combined site area of 2.36 million square meters, fetched 54.6 billion yuan. The remaining 1.58 million square meters, designated for affordable homes, were sold for 3.75 billion yuan.
The land parcels sold in the first six months were on average 23.4 percent more expensive than their asking prices, with 28 of the 117 plots fetching a price that was more than 50 percent costlier, according to Soufun research.
"Last year, only 18 parcels were sold for more than 50 percent higher than their starting prices," said Li Zongzhou, a Soufun analyst. "The fact that more real estate companies are willing to pay a higher price for land plots is both a reflection of strong demand among developers for land reserve expansions and an indication of upbeat momentum among the industry players."
Robust home sales registered in Shanghai since the second half of 2012 have replenished most developers' capital and boosted their prospects for the market. In the first six months of this year, 6.05 million square meters of new houses were sold in the city, an annual rise of 57.2 percent, according to Shanghai Deovolente Realty Co.
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