Land sales decline in April

Less land was traded in April nationwide than in March, following the government’s introduction of tightening measures to curb rising prices in the property market, but experts expect a pickup in sales this month.

A total of 635 plots of land were sold across 300 cities in April, an 18 percent fall on the previous month, but a 13 percent rise year-on-year, according to data from China Index Academy, a research institute operated by SouFun Holding Ltd.

In terms of total traded space, the results marked a 21 percent decline month-on-month, but a 3 percent rise year-on-year.

In spite of the month-on-month falls, the average price of gross floor area for residential property rose 5 percent to 1,062 yuan per sq m nationwide in April, a 32 percent surge year-on-year.

The number of residential land transactions also grew in seven of the top ten cities examined in the figures.

Hangzhou surged 2,096 percent, Beijing increased 381 percent and Shanghai 133 percent, illustrating that competition still remains fierce in the country’s main residential property hotspots.