Beijing’s red-hot property market has pushed land transfer fees in the city to a record high of 182.18 billion yuan (US$30 billion) last year, Xinhua news agency reported Wednesday. The figure is 2.8 times the level recorded in 2012, it said. Land prices soared as real estate developers flocked to the nation’s top-tier cities amid a weak outlook on smaller cities. Shanghai’s land sales topped the value stakes with 218.6 billion yuan last year, up 126 percent compared to 2012. The combined value of land sales in four first-tier cities — Beijing, Shanghai, Guangzhou and Shenzhen — hit 512.7 billion yuan, up 150 percent over the previous year, the report said.
– Contact HKEJ [email protected]