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Land sales in 130 Chinese cities down 13% in 2011

Jan. 4, 2012 (China Knowledge) - Land sales in 130 Chinese cities fell 13% year on year to RMB 1.86 trillion last year, due to the government's effort to cool down the property market, according to a recent report released by China Index Academy.

The academy attributed the decline in land sales to a decrease in sales of land for residential properties, which stood at RMB 1.24 trillion in 2011, 24% less than that in the previous year, due to 18% drop in sales area and 12% fall in floor price.

Last year, the land sales for commercial and office properties grew 21% year on year and the sales of land for industrial use surged 34%.

Shanghai saw its land sales fall 16.7% year on year to RMB 126 billion last year, ranking first nationwide, and Beijing came in second, seeing its land sales plunge 37.9% year on year.

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