Land sales drop a third in Shanghai in 9 months

By Cherry Cao | October 14, 2014, Tuesday |

Online Edition

LAND sales in Shanghai suffered double-digit drops by both volume and value in the first nine months of this year amid inadequate supply, according to a latest research by leading real estate website Fang.com.

Excluding those designated for public uses or affordable housing, land parcels totaling 4.5 million square meters were sold across the city between January and September, a drop of 22.6 percent from same period a year earlier, Fang.com, previously known as Soufun, said in a report.

The transaction value, meanwhile, fell 33.7 percent year-on-year to 92.1 billion yuan (US$15 billion).

"This year's land market should be a subdued one compared to that of last year despite the fact there are still a few months left," said Li Zongzhou, an analyst with Fang.com. “New land supply will probably remain tight in the last quarter with only five pieces of parcels being scheduled for release in October."

By development purpose, land plots for home building fetched 69 billion yuan during the first three quarters, a year-on-year increase of 10 percent. The rise was mainly because more parcels in downtown areas, much more costly than their outlying counterparts, were sold during the period, Li said.

Parcels designated for commercial and office uses, meanwhile, plunged 70 percent from same period a year ago to 23 billion yuan, according to Fang.com.

By district, Pudong New Area registered land sales of 22.6 billion yuan in the first nine months of this year, leading all others by value. It was immediately trailed by Qingpu District, which fetched 18.47 billion yuan through land auction.

Real Estate

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Land sales drop a third in Shanghai in 9 months

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