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China sees 62% decline in land sales in Jan

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, Shanghai, Guangzhou and Shenzhen 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.

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