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China’s land costs rise again in Q1
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CHINA’S land costs rose again in the first quarter with prices in top-tier cities surging the most amid a sizzling property market.
Prices of land for homes jumped 1.27 percent in the January-March period from the previous quarter, while those of land for industrial use added 0.73 percent, according to the Ministry of Land and Resources.
In general, land prices gained 0.96 percent, up 0.22 percentage points from those recorded in the previous quarter.
Zhao Song, director of the land price division at the China Land Surveying and Planning Institute of the ministry, said top-tier cities led the climb, with residential land costs surging rapidly.
Second-tier cities followed suit while prices in third-tier cities have been stabilizing, he noted.
Latest home price data suggested an uneven recovery in China’s housing market, with prices in first-tier cities such as Shenzhen and Beijing soaring while those in smaller cities were still under pressure.
Zhao said the frenzied market in the top-tier cities have sped up the land price increase in other parts of the country.
To cool the market, some city governments have released tightening measures.
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