Local government land area sold in 100 major Chinese cities up 2.6% in H1

Thursday, 30 July 2020 11:16:48 (GMT+3)   |   Shanghai

The total area of land sold by local governments to real estate developers in 100 large and medium-sized cities in China amounted to 292.17 million square meters in the January-June period of the current year, up 2.6 percent year on year, as announced by CRIC, a real estate research institute of E-House, a Shanghai-based real estate transaction service provider. Revenues from the sales of land by the local governments totaled RMB 1.8045 trillion ($0.26 trillion), up 13.1 percent year on year.

CRIC said that the increase in the land supply by local governments amid measures to ease the financial pressures on real estate developers stimulated them to buy land in the first half this year.

$1 = RMB 6.9902

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