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Shanghai land sales decline 54%
By Cherry Cao |
August 8, 2012, Wednesday
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Print Edition
Print Edition
SHANGHAI'S land market remained sluggish in the first seven months of this year despite a rebound in June and July, an industry report said yesterday.
Land parcels, designated for all types of developments except public use and with a combined site area of 1.474 million square meters, were sold for 23.54 billion yuan (US$3.7 billion) between January and July, an annual drop of 54 percent, according to data released by Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers.
In July, revenue from land auctions totaled 5.11 billion yuan, compared to 6.52 billion yuan in June and 11.91 billion yuan registered in the first five months, Century 21 data showed.
"Falling land prices led to the decrease in sales last month," said Huang Hetao, research manager at Century 21. "More industrial plots were sold in July and this also contributed to a dip in sales."
Of the 54 plots sold last month, 47 were sold at asking prices, up 10.8 percentage points from June.
Land parcels, designated for all types of developments except public use and with a combined site area of 1.474 million square meters, were sold for 23.54 billion yuan (US$3.7 billion) between January and July, an annual drop of 54 percent, according to data released by Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers.
In July, revenue from land auctions totaled 5.11 billion yuan, compared to 6.52 billion yuan in June and 11.91 billion yuan registered in the first five months, Century 21 data showed.
"Falling land prices led to the decrease in sales last month," said Huang Hetao, research manager at Century 21. "More industrial plots were sold in July and this also contributed to a dip in sales."
Of the 54 plots sold last month, 47 were sold at asking prices, up 10.8 percentage points from June.
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