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.