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China’s land sales slow sharply in 2015
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LAND sales slowed sharply in China last year, as the property market cooled and the country faced economic headwinds, the Ministry of Finance said yesterday.
Land sales by local governments plunged 21.6 percent year on year to 3.37 trillion yuan (US$521 billion), according to a statement posted on the ministry’s website.
Sales fell 23.6 percent year on year in east China, by 17.3 percent in central China, and by 21.2 percent in the west.
Only a handful of cities and provincial-level regions saw sales growth, with Shenzhen rising the most at 36.9 percent year on year.
“Shenzhen’s robust land sales were mainly due to its red-hot property market and the booming economy, which pushed land prices higher,” the statement said.
Dalian in Liaoning Province saw land sales dive the most, with a fall of 56.4 percent. They fell by more than half in the Inner Mongolia Autonomous Region and Ningbo in Zhejiang Province, according to the statement.
Land supply fell 18.6 percent year on year to 221,400 hectares last year. Land areas for commercial use fell 24.7 percent and those for homes shed 19.1 percent year on year, the statement said.
Land prices grew mildly last year in the 105 cities monitored by the ministry. The price of sites for residential projects stood at 5,484 yuan per square meter, rising 3.92 percent year on year.
Commercial land prices increased 2.7 percent from one year earlier to 6,729 yuan per square meter, according to the statement.
The soft demand for land has been linked to the country’s economic slowdown. China’s economy grew by 6.9 percent year on year in 2015, the slowest annual expansion in a quarter of a century.
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