Date
21 September 2017

‘Land king’ days numbered as tightening takes toll, paper says

The reign of a handful of “land kings” is ending as cooling measures and a squeeze on sale prices stop developers snatching up premium properties with record-breaking offers, Shanghai Daily reported Monday. Lin Bo, vice-research director at real estate information provider CRIC, said developers will be more rational when bidding for land this year and major developers are not willing to pay for premium land now. A string of records were broken at auctions late last year but while the cost of land in first-tier cities soared 135 percent in the third quarter from a year earlier, property sale prices inched up just 15 percent, according to BNP Paribas.

– Contact HKEJ [email protected]

SK

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