Shanghai land sales dip below 10b yuan

By Cherry Cao | March 26, 2014, Wednesday |

Online Edition

MONTHLY land sales in Shanghai dipped below the 10-billion-yuan (US$1.6 billion) threshold for the first time in a year amid a double-digit drop in supply volume.

A total of 12 land parcels, excluding those designated for public use, had been auctioned in the city so far this month. They fetched a combined 9.84 billion yuan, a month-on-month decline of 12.8 percent and a year-on-year rise of 4 percent by value, according to data released today by Century 21 China Real Estate, one of the city's leading estate chain operators.

The plots included a 16,300-square-meter site sold today in outlying Songjiang District — the last piece of land released for auction this month. The plot, designated for food and beverage facilities, was sold at its asking price of 72.1 million yuan, or an average gross floor area price of 4,417 yuan per square meter.

"While the March figure was the lowest registered since April 2013, it does not necessarily indicate a significant decline in sentiment in the city's land market," said Huang Hetao, vice director of research at Century 21. "A notable drop in supply volume was probably the major reason behind that."

The 12 plots totaling around 560,000 square meters were released to the local market for sale this month, representing an annual drop of 23.1 percent and a monthly retreat of 20.8 percent, according to Century 21.

Sixteen land plots covering a combined site area of more than 370,000 square meters have been scheduled for auction next month. The combined starting price of the plots is 5.1 billion yuan, the estate chain operator said.

Business Real Estate

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Shanghai land sales dip below 10b yuan

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