Revenues from sales of land to real estate developers in China up 18.3%

Wednesday, 25 November 2020 13:59:33 (GMT+3)   |   Shanghai
       

Revenues from sales of land by local governments to real estate developers in 50 major cities in China exceeded RMB 3.51 trillion ($0.53 trillion) in the current year up to November 23 this year, up 18.3 percent year on year, according to the research center of Centaline Group.

In particular, revenues from sales of land in Shanghai, Hangzhou and Guangzhou exceeded RMB 200 billion ($30.4 billion), while in Nanjing, Beijing, Wuhan, Ningbo, Foshan and Suzhou the revenues exceeded RMB 100 billion ($15.2 billion).

Meanwhile, there were 28 cities whose revenues from sales of land exceeded RMB 50 billion ($7.6 billion), reaching record high levels.

Zhang Dawei, chief analyst of Centaline Group, said that real estate developers have been active in buying land, which resulted in a high premium rate for land transactions in many regions. However, China’s government has continued to stress that housing is for residential rather than for speculative purposes, which may curb the activity in the real estate market to some extent.

$1 = RMB 6.5749


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