Release of buildable land in Shanghai next month to rise by 32%

By Cherry Cao | November 28, 2013, Thursday |

Online Edition

THE supply of buildable land in Shanghai will continue to rise in December with more than two thirds set aside for housing development.

About 37 land parcels covering a total area of more than 1.2 million square meters are scheduled to be released for auction next month. That’s a month-on-month increase of 47.5 percent and a year-on-year growth of 32.1 percent, according to Soufun.com, operator of the country’s largest real estate website, in a report released today.

By value, the combined asking price for the 37 parcels stands at 18.2 billion yuan (US$2.98 billion), a monthly surge of 47.3 percent and an annual increase of 0.2 percent, according to Soufun data.

“It is no surprise that the local land authority is introducing residential parcels intensively in the last month of the year as it faces pressure to accomplish its 2013 target to release 10 million square meters of housing plots,” said Li Zongzhou, a Soufun analyst. “However, it still seems unlikely that such a goal will be met.”

Under the government plan, 23 of the 37 land parcels to be released next month are designated for residential purposes. They cover a total area of 836,000 square meters, which will be the highest volume registered for a single month in 2013.

As of November, more than 7.61 million square meters of land parcels designated for housing purposes, including affordable housing, were sold across the city, according to Soufun data.

Real Estate

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Release of buildable land in Shanghai next month to rise by 32%

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