LAND prices in major Chinese cities were generally stable in 2012 as they only posted a tiny rise from a year earlier, the Ministry of Land and Resources said yesterday.
By the end of December, the prices of land for residential development rose 2.3 percent to 4,620 yuan (US$733) per square meter on average in China, according to the ministry, which monitored 105 cities nationwide. On an annual basis, the prices of commercial land gained 3.3 percent to 5,843 yuan per square meter and those for industrial use added 2.7 percent to 670 yuan per square meter.
"In general, the country's land market witnessed small fluctuations (in prices) last year, with quarterly growth in land prices staying low despite a faster pace registered in the last three months," Zhao Song, director of Center for Land Price, China Land Surveying and Planning Institute, told a press conference held by the ministry yesterday. "Residential land, in particular, recorded reduced transaction volumes while prices were stable."
By the end of 2012, prices for residential land fell in 27 of the 105 cities compared to a year earlier, while those in over 80 percent of the cities grew no more than 5 percent annually, CLSPI data showed.
For this year, the ministry expects a mild rise in land prices, with those for commercial and residential plots stable.
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