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Shanghai land sales double in 1st quarter
By Cherry Cao |
April 3, 2013, Wednesday
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Online Edition
Online Edition
SHANGHAI'S land sales more than doubled in value in the first quarter from a year earlier amid steadily recovering sentiment in the property market, according to an industry research report.
Between January and March, 1.49 million square meters of land, excluding those designated for public use, were sold for 18.58 billion yuan (US$2.96 billion) in the city. The volume and value was up 55.8 percent and 172 percent year on year, respectively, Soufun.com, China's largest real estate website operator, said in its latest report.
On a quarter-on-quarter basis, sales of land shed 63 percent in volume and 65.2 percent in value.
The sales of land for residential properties, excluding government-funded affordable housing, totaled 566,800 square meters during the three-month period, or 6.93 billion yuan in value, Soufun said.
Those residential parcels were sold for about 30.4 percent higher on average than their asking prices, compared to a rate of 15.1 percent and 22.3 percent registered in the third and fourth quarter of 2012 respectively.
"Robust home sales since the second half of last year have boosted real estate developers' confidence in the market and therefore triggered their appetite for land bank expansions," said Zhang Wanyu, a Soufun analyst. "Meanwhile, facing shrinking land inventories, some developers, particularly big and medium-sized ones, became more aggressive in land purchases and that helped push up land prices."
The sales of land for commercial properties, meanwhile, totaled 712,300 square meters, or 11.05 billion yuan in value, according to Soufun.
Between January and March, 1.49 million square meters of land, excluding those designated for public use, were sold for 18.58 billion yuan (US$2.96 billion) in the city. The volume and value was up 55.8 percent and 172 percent year on year, respectively, Soufun.com, China's largest real estate website operator, said in its latest report.
On a quarter-on-quarter basis, sales of land shed 63 percent in volume and 65.2 percent in value.
The sales of land for residential properties, excluding government-funded affordable housing, totaled 566,800 square meters during the three-month period, or 6.93 billion yuan in value, Soufun said.
Those residential parcels were sold for about 30.4 percent higher on average than their asking prices, compared to a rate of 15.1 percent and 22.3 percent registered in the third and fourth quarter of 2012 respectively.
"Robust home sales since the second half of last year have boosted real estate developers' confidence in the market and therefore triggered their appetite for land bank expansions," said Zhang Wanyu, a Soufun analyst. "Meanwhile, facing shrinking land inventories, some developers, particularly big and medium-sized ones, became more aggressive in land purchases and that helped push up land prices."
The sales of land for commercial properties, meanwhile, totaled 712,300 square meters, or 11.05 billion yuan in value, according to Soufun.
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