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China's land sales down 38% in H1

Jul. 3, 2012 (China Knowledge) - China saw land sales in 300 cities in the country plunge 38% YoY to RMB 652.60 billion in the first half of this year, due to the country's control over the real estate market, according to the latest data from China Index Academy.

Land sales in Beijing, the country's capital city, dived 55.7% from the same period of last year to RMB 14.48 billion in the first six months, equivalent to only 13.7% of the city's sales in 2011.

Shanghai, the country's economic hub, saw its land sales fall 62.77% YoY to RMB 18.42 billion in the period.

Chongqing Municipality in Southwest China topped rankings in terms of land sales with the figure hitting RMB 37.94 billion in H1, up 20.6% from the same period of last year.

Tianjin Municipality saw the biggest increase in land sales, and significant increases also recorded in Haikou of Hainan Province, Urumqi of the Xinjiang Uygur Autonomous Region and Xi'an of Shaanxi Province.

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