Land sales surge in major Chinese cities in first quarter

BEIJING - Sales of land for residential projects almost doubled in China's first-tier cities during January-March, according to the latest data released by China Index Academy, a property research organization.

Land sales in major cities, like Beijing, Shanghai and Guangzhou, totaled 5.08 million square meters in the first quarter, an increase of 98 percent from a year ago, the highest level over the past two years.

Surging land sale is part of the government's efforts to cool down the runaway housing prices in major cities where huge demand and limited supply pushed prices to record high.

Major Chinese cities are taking fresh measures including increased minimum deposits for second-home buyers, adding to the slew of steps taken since October in dozens of cities to prevent home prices from rising out of control.