Caixin
Jul 03, 2018 08:31 PM
ECONOMY

Smaller Cities Upstage Big Brothers in Land Sales

Apartment blocks are built in Shanghai on June 7. Photo: VCG
Apartment blocks are built in Shanghai on June 7. Photo: VCG

Land sales in smaller Chinese cities are surging, outpacing their big brothers such as Beijing and Shanghai, as local governments try to increase their revenue and less draconian property curbs attract developers.

A monthly private survey found 36 second-tier cities raked in more than 1 trillion yuan ($150.5 billion) in total from selling land in the January-June period, up 33% from a year earlier, with the area of land sold rising by 31%. Land sales revenue in 260 third- and fourth-tier cities jumped by 43% year-on-year to 753.8 billion yuan in the same period, while sales by area increased 25%, according to a report (link in Chinese) by the China Index Academy, an affiliate of New York-listed Fang Holdings Ltd., formerly known as SouFun Holdings Ltd.

ladingImg
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.