Shanghai land market slumps in August

By Cherry Cao | September 2, 2014, Tuesday |

Online Edition

SHANGHAI'S land market plunged in August, ending a one-month rally amid sluggish sentiment among real estate developers.

Excluding those designated for public uses or affordable housing, six pieces of land parcels totaling 234,000 square meters -- three for residential development -- were sold last month, a drop of 68 percent from July, the country's leading real estate website www.fang.com said in a report released today.

Transaction value, meanwhile, fell 60.2 percent month-on-month to 4.87 billion yuan (US$785 million).

"Both supply and sales hit the third lowest in 2014, evidence that developers had little interest in expanding their land reserves in August," said Li Zongzhou, an analyst with fang.com. "We expect such subdued momentum to extend in the rest months of this year."

For the first eight months of this year, land sales in Shanghai reached 75.33 billion yuan, a year-on-year drop of 24.7 percent. By volume, land plots totaling 3.754 million square meters were sold, a decrease of 19.7 percent from same period a year ago, according to data released by fang.com.

Real Estate

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Shanghai land market slumps in August

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