Latest News:  
Beijing   Shower/Sunny    23 / 12 ℃  City Forecast

English>>China Society

Hot land deals pick up in Beijing, surges seen in other cities


09:11, September 27, 2012

BEIJING, Sept. 26 (Xinhua) -- Beijing may see its hot land market reappear, as the capital city recently reported skyrocketing deals nearing the total of all land deals in the first six months of the year.

Ten plots of land changed hands in Beijing in the seven day period ending Sept. 26, marking deals of 11.87 billion yuan (1.88 billion U.S. dollars) -- a figure comparable to 14.49 billion yuan in land deals seen in the first six months, according to data from the city's land reserve center.

Beijing has seen an increase in land deals since August along with obvious price rises, said Zhang Dawei, an analyst with Beijing-based Zhongyuan Real Estate.

The robust momentum, as demonstrated during the recent week, shows that developers now have "passion" in bidding for land, and the land market on the whole is becoming hot, said Zhang.

As there are still three or four land plots awaiting bidding in September, the total deals for this month in Beijing are expected to further increase, he said.

Increased land deals have also been reported in other major cities in August and September, including Hangzhou, Nanjing and Wenzhou, leading to speculation that the government may tighten control measures.

On Sept. 4, the land resources bureau of Hangzhou, capital of east China's Zhejiang Province, issued a notice that the city plans to put 26 land plots with a total area of 858,000 square meters up for bidding "in the near future."

In Zhejiang Province's boomtown of Wenzhou, authorities held a promotion in late August, recommending 52 plots for bidding, the largest package seen in the city in recent years.

In an effort to tame skyrocketing home prices, the government has restricted home purchases since 2010 while requiring higher down payments and introducing property taxes, resulting in a cooled-down real estate market.

However, housing prices have climbed since March, fueled by the central bank's moves to boost lending and buoy the slowing economy.

Average new home prices in 100 surveyed cities rose for the third straight month to 8,738 yuan per square meter in August, an increase of 0.24 percent from July, signalling a moderately warming real estate market, according to data released by the China Index Academy (CIA).

Premier Wen Jiabao reiterated earlier this month that the country still needs to resolutely curb speculative property investment as controls on the real estate sector are still in a "critical period."
News we recommend

Recommended News

PLA Air Force conducts search and rescue exercise Chemical leakage turns villages red in Shandong Air force conducts island penetration and assault training
Memorial activities held to commemorate 'Sep. 18 Incident' China, U.S. conduct joint anti-piracy exercise in Gulf of Aden Pinyin jumps aboard nation's trains
Guangzhou MAC organizes composite training Firms close on anniversary PLA navy conducts live-fire missile defense drill


Leave your comment0 comments

  1. Name


Selections for you

  1. Amazing military photos: China's J-10 fighters

  2. Aircraft carriers in service around the world

  3. New Deal to Boost Consumption

  4. Jingdong Grand Canyon: Grand in Its Own Way

  5. Pictures of space capsule

  6. The amazing Africa

Most Popular


  1. Intl firms should learn from Chinese counterparts
  2. Aircraft carrier brings timely morale boost
  3. Palestine faces difficulties amid Arab upheaval
  4. Theft of Diaoyu Islands risks China-Japan trade ties
  5. Japan defies post-war int'l order, China's goodwill
  6. Tokyo's stance on Diaoyu Islands 'unacceptable'
  7. Supervision shields officials from graft
  8. Microsoft wisely teams with Beijing to fight piracy
  9. Japan needs examination of wartime aggression
  10. Is Chinese economy sliding into dangerous position?

What's happening in China

Waiting on the wheels

  1. Chinese gov't units test-drive green autos
  2. China urges improved subsistence allowance system
  3. Five detained after fatal Gansu mine accident
  4. China's airlines brace for holiday passenger boom
  5. New high-speed railway spurs debate over prices

China Features

  1. Ancient villages face losing their souls
  2. Economic circles key to Sino-Japan relations
  3. How to pan for gold in cultural investment fever
  4. How are elegant Miss Etiquettes 'produced'?
  5. Co-production helps Chinese films go global

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture