Shanghai land sales continue uptrend

By Cherry Cao | October 9, 2013, Wednesday |

Online Edition

BUYING momentum for land parcels remained robust for the sixth month in Shanghai with sales exceeding 40 billion yuan (US$6.54 billion) in September.

Excluding those designated for public uses, plots covering a combined site area of 1.08 million square meters were sold across the city last month for 40.3 billion yuan, the highest monthly record for both volume and value so far this year, Century 21 China Real Estate said in a report released today.

"Land sales stayed above the 10-billion-yuan threshold for the sixth straight month with residential plots accounting for a lion's share of supply in September," said Eric Luo, a Century 21 researcher. "Notably, eight of the 14 land parcels earmarked for housing purposes were sold for a price that more than doubled their starting price, a demonstration of increasing optimism among real estate developers."

Citywide, land plots in Pudong New Area were the most sought-after due to the recent release of government masterplanning of the China (Shanghai) Pilot Free Trade Zone as well as the Qiantan area has significantly boosted developers' confidence, Luo added.

For this month, at least 15 parcels -- five in Pudong and four in Jiading District -- have been set for sale, according to Century 21 research.

Business Real Estate

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Shanghai land sales continue uptrend

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