Major cities see record land sales
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.