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Shanghai's land sales weak in H1
By Cherry Cao |
July 3, 2012, Tuesday
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Print Edition
Print Edition
SHANGHAI'S land market remained weak in the first half of this year despite a rise in purchases by developers last month, an industry report said yesterday.
Land parcels, designated for all types of developments except public use, were sold for 14.665 billion yuan (US$2.32 billion) between January and June, an annual plunge of 67 percent and down 80 percent from the second half of 2011, according to data released by Soufun.com, a real estate website.
About 2.11 million square meters of land were sold across the city during the six-month period, an annual fall of 56 percent and a plunge of 75 percent from the second half of 2011, the data showed.
But Shanghai saw land sales exceed 5.7 billion yuan in June, up from 573 million yuan in May, Soufun said.
"Tight cash flow damped developers' appetite while (land) supply was also small," said Zhang Wanyu, a Soufun analyst. "The significant rebound in June was certainly not enough to save the market from a weak first-half overall."
The city released 55 plots totaling 2.47 million square meters for sale during the first six months, down from 99 parcels, or 4.87 million square meters, launched in the same period a year ago.
Land parcels, designated for all types of developments except public use, were sold for 14.665 billion yuan (US$2.32 billion) between January and June, an annual plunge of 67 percent and down 80 percent from the second half of 2011, according to data released by Soufun.com, a real estate website.
About 2.11 million square meters of land were sold across the city during the six-month period, an annual fall of 56 percent and a plunge of 75 percent from the second half of 2011, the data showed.
But Shanghai saw land sales exceed 5.7 billion yuan in June, up from 573 million yuan in May, Soufun said.
"Tight cash flow damped developers' appetite while (land) supply was also small," said Zhang Wanyu, a Soufun analyst. "The significant rebound in June was certainly not enough to save the market from a weak first-half overall."
The city released 55 plots totaling 2.47 million square meters for sale during the first six months, down from 99 parcels, or 4.87 million square meters, launched in the same period a year ago.
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