Land supply for smaller, cheaper houses plummets 45% in first three quarters

14:28, December 09, 2009      

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In the first three quarters of 2009, the land supply for low and medium-priced, and small and medium-sized ordinary commercial housing stood at 6,002.94 hectares, a sharp decrease of 45 percent year-on-year, according to data from a report on the land market development situation in the first three quarters of 2009, published by the Ministry of Land and Resources December 8.

The decrease in land for low and medium-priced, and small and medium-sized ordinary commercial housing directly indicates a decline in the land supply for low and medium-priced, and small and medium-sized ordinary commercial housing in 2010 and 2011.

Total residential land supply stood at 40,192 hectares in the first three quarters of 2009, an increase of 8.7 percent year-on-year. The ordinary commercial housing land supply stood at 33,183 hectares, an increase of 4.3 percent year-on-year and accounted for 82.6 percent of the total residential land supply, indicating a decrease of 3.5 percentage points year-on-year.

The report pointed out that the main reason behind the decrease in low and medium-priced housing land supply is that following the recession in the real estate market in 2008, local governments rushed to introduce various policies to save the market, causing the decrease in land for low and medium-priced, and small and medium-sized ordinary commercial housing.

Qi Ji, deputy minister of the Ministry of Housing and Urban-Rural Development (MOHURD), said before October 1 that the ministry did not support high house prices and expected an increase in local ordinary commercial housing supply. "We hope to see that local governments can offer more land used for ordinary commercial housing at medium and low prices in a planned manner, which will supply more affordable commercial housing for meeting the demand of owner-occupied home buyers."

The sharp decrease in land for low and medium-priced and small and medium-sized ordinary commercial housing has cast a shadow over the wish of "low total price." Moreover, real estate developers who buy land at a high price will also not construct low and medium-priced and small and medium-sized ordinary commodity houses on "prime land" plots.

By People's Daily Online
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