China’s top 16 property developers, which include the likes of China Vanke Co. Ltd. (000002.CN) and Poly Real Estate Group Co. Ltd. (600048.CN), have spent a combined 116.52 billion yuan (US$18.77 billion) on land acquisitions during the first quarter this year, the Securities Times reported Thursday, citing data from Centanet. The figure marks an increase of 29 percent over the same period last year but represents a 37 percent decline compared to the preceding three months, it said. In 2013, the 16 developers invested a combined 563 billion yuan on land acquisitions, with transactions in first-tier cities hitting an all-time high of 512.7 billion yuan. Industry sources were quoted as saying that most developers may make some price-sacrifice this year in order to boost sales volume.
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