24 May 2019

Land sales revenue of first-tier cities up sharply, paper says

China’s first-tier cities have seen their combined land sales revenue jump sharply this year due to strong demand from real estate developers, who were betting on robust property prices, the Economic Information Daily reported Wednesday, citing property consultancy Centaline Group. Combined land sales revenue of Beijing, Shanghai, Guangzhou and Shenzhen reached 501.4 billion yuan (US$81.9 billion) so far this year, representing an increase of 150 percent from a year earlier and marking a new record, it said. Shanghai alone recorded 200 billion yuan of land sales, also a fresh high, according to the report.

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