Sales of Land for Residential Use Soar in Q1

(Beijing) – The value of land for residential use sold in the capital in the first quarter was more than 85 percent of the total for all of last year, a report by a real estate services company says.

DTZ said on April 9 that 19 plots of residential land were sold for 26.2 billion yuan in Beijing in the first three months of the year.

The company predicted that developers would continue buying land this year. It cited a Ministry of Land and Resources statement in March that said local governments should increase the supply of land for housing. The ministry also said the total supply this year should not be less that the average land supply over the last five years.