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Shanghai land sales fall 67% in first half
By Cherry Cao |
July 2, 2012, Monday
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SHANGHAI'S land market remained weak in the first half of this year despite a notable pickup in interest for new plots last month, an industry report said today.
Sales of land parcels, designated for all sorts of developments excluding public use, totaled 14.665 billion yuan (US$2.32 billion) between January and June, plunging 67 percent from the same period a year earlier and a dive of 80 percent from the second half of 2011, according to data released by Soufun.com, operator of the country's largest real estate website.
In volume, about 2.11 million square meters of land was sold across the city during the six-month period, a year-on-year drop of 56 percent and a decline of 75 percent from the second half of 2011, Soufun data showed.
"Stringent cash flows damped the appetite of developers while supply was also small," said Zhang Wanyu, a Soufun analyst. "The significant rebound in June was certainly not enough to save the market from an overall slack first-half."
On the supply side, 55 plots totaling 2.47 million square meters were launched for sale in the city during the first six months. That compared with 99 parcels, or 4.87 million square meters, released in the same period a year ago.
Sales of land parcels, designated for all sorts of developments excluding public use, totaled 14.665 billion yuan (US$2.32 billion) between January and June, plunging 67 percent from the same period a year earlier and a dive of 80 percent from the second half of 2011, according to data released by Soufun.com, operator of the country's largest real estate website.
In volume, about 2.11 million square meters of land was sold across the city during the six-month period, a year-on-year drop of 56 percent and a decline of 75 percent from the second half of 2011, Soufun data showed.
"Stringent cash flows damped the appetite of developers while supply was also small," said Zhang Wanyu, a Soufun analyst. "The significant rebound in June was certainly not enough to save the market from an overall slack first-half."
On the supply side, 55 plots totaling 2.47 million square meters were launched for sale in the city during the first six months. That compared with 99 parcels, or 4.87 million square meters, released in the same period a year ago.
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