Ma­jor cities see record land sales

China Daily (Canada) - - NEWS CAPSULE -

Land sales in ma­jor cities hit a record high in 2013, with the trans­ac­tion amount in four top-tier cities ex­ceed­ing 500 bil­lion yuan ($82 bil­lion), ris­ing roughly 150 per­cent from 2012, lat­est fig­ures show.

Bei­jing, Shang­hai, Guangzhou and Shen­zhen sold a com­bined 501.5 bil­lion yuan worth of land this year as of Dec 20.

Ma­jor de­vel­op­ers are tak­ing the lead in the land pur­chase spree. The top 10 de­vel­op­ers, in­clud­ing China Vanke Co Ltd, Poly Real Es­tate Group Co Ltd and Ever­grande Real Es­tate Group, have stock­piled 312 bil­lion yuan worth of new land plots so far this year (as of Dec 19), surg­ing nearly 90 per­cent from the whole of 2012, ac­cord­ing to Cen­taline data.

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