The average land sale prices by local government to real estate developers in 40 major cities in China amounted to RMB 6,041/square meters ($865.5/sq.m) in July of the current year, up 1.2 percent month on month, as announced by CRIC on August 3, a real estate research institute of E-House, a Shanghai-based real estate transaction service provider.
Market experts said the rising momentum in land area sold, land sale prices and land premium rates (the difference between the highest bids paid by property developers and the initially asked prices for land) slowed down significantly in July, which may indicate that the land sale market will cool down in the coming months.
$1 = RMB 6.9803