Shanghai land sales dip to 26-month low

By Cherry Cao | May 27, 2014, Tuesday |

Online Edition

LAND sales in Shanghai plunged this month to the lowest level since March 2012. Only two plots hit the market this month. The plots covered a total site area of 35,000 square meters and excluded those designated for public purposes. They sold for a combined 3.24 billion yuan (US$522 million), a month-over-month dive of 51 percent, Century 21 China Real Estate said in a report today.

Year on year, they dropped 92 percent by volume and 81 percent by value. No further land plots are to be sold this month.

"A sharp decline in land supply attributed to the extremely slack sales in May though demand from developers for land in good locations still remained rather robust," said Huang Hetao, vice director of research at Century 21.

A Poly Real Estate subsidiary acquired a 33,007-square-meter residential plot in the city's northeastern Yangpu District on May 16 after outbidding major rivals. It was a rare offer of a pure residential plot within the city's Inner Ring Road with convenient traffic access.

Next month, the city plans on releasing seven plots covering a total site area of 269,000 square meters. The plots have a combined starting price of 2.55 billion yuan, Century 21 data showed.

All the plots are beyond the Outer Ring Road and none have a starting price exceeding 10,000 yuan per square meter.

Business Real Estate

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Shanghai land sales dip to 26-month low

Email this to your friend