Average land sale price in 40 Chinese cities down 2.5% in Oct from Sept

Wednesday, 04 November 2020 17:52:27 (GMT+3)   |   Shanghai

The average sale price of land from local government to real estate developers in 40 major cities in China amounted to RMB 5,665/square meters ($848.4/sq.m) in October of the current year, down 2.5 percent month on month, as announced by CRIC on November 3, a real estate research institute of E-House, a Shanghai-based real estate transaction service provider.

A land sale regulatory policy has been in effect since July this year. In October, the area of new commercial residential housing sold in the 40 Chinese cities declined by three percent month on month, but rose by 12 percent year on year.

September and October are regarded as constituting the traditional peak season for activity in the real estate market, while a tighter credit policy and regulatory policies have exerted a negative impact on the market.

It is thought that land sales will continue to decline in the coming period.

$1 = RMB 6.6771

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