China land prices increase in Q3

Homebuyers learn about a commercial property project at a real estate expo in Handan, North China's Hebei province. [Photo provided to China Daily]

BEIJING - Land prices in major Chinese cities continued to rise in the third quarter, propelled by rising residential land price especially in metropolitans, latest official figures showed.

The average land price in 105 major Chinese cities monitored by the Ministry of Land and Resources (MLR) reached 3,767 yuan ($556) per square meter in the third quarter, up 1.4 percent from the previous quarter, the MLR said in a report released Thursday.

Land for residential use was priced at an average of 5,781 yuan per square meter in the third quarter, up 2.11 percent from the previous quarter, said the ministry.

Average land for residential use in mega-cities including Beijing, Shanghai and Guangzhou surged more than 3 percent over the period.

In comparison, average land price for industrial use nationwide stood at 776 yuan per square meter between July and September, representing a mild uptick of 0.69 percent.

China's housing market started to pick up steam in the second half of 2015 after cooling for more than a year, boosted by interest rate cuts and lower deposits.

However, with the newly-introduced tightening measures targeted at the real estate market in different cities, some experts predicted the market would cool down in the coming months.