Feb. 10, 2012 (China Knowledge) - China saw land sales in 300 cities in the country plunge 62% year on year or 63% month on month to 56.78 million square meters in January this year, according to the latest data from China Index Academy.
The 300 cities auctioned 114.84 million sq m of land last month, but only half of which was successfully sold, due to a weak property market.
A total of 1,691 plots were sold in the 300 cities in January, 52% less than in the same month of 2011 and 51% less than in December. Most of the plots were sold at bottom prices.
Land sales in first-tier cities such as Beijing
experienced big declines. Beijing
reaped only RMB2.06 billion in land sales last month, and Shanghai
saw its land sales slide 70% year on year to RMB 2.63 billion.
Land sales in Guangzhou
in South China's Guangdong
Province fell 90% year on year to RMB 290 million.