Jul 31, 2020 02:11 PM

Residential Land Prices Rise 10% in Major Chinese Cities

What’s new: The average residential land price in 100 major Chinese cities tracked by the real estate research institute E-house China R&D Institute rose by 10.2% from a year earlier to 6,176 yuan ($882) per square meter of floor space in the first half of this year, according to a report released Wednesday.

The average price in four first-tier cities stood at 16,671 yuan per square meter during the period, up 10.1% year-on-year. Among the four, Beijing and Shanghai saw relatively larger growth, according to the report.

Among 32 second-tier cities monitored, the average residential land price grew by 6.3% year-on-year. But growth was much faster for the interior cities of Chengdu, Kunming and Yinchuan, with average prices all up about 60% year-on-year, the report said.

What’s the background: China has urged local governments to take repeated steps in recent years to try to cool rising property prices, following years of rapid growth. The latest growth in land prices led E-house to predict the land market might face stricter controls in the second half of this year, as the domestic coronavirus epidemic has been brought largely under control and policymakers have focused more on economic risk prevention.

To ensure the land market’s stable development, cities with surging prices are being subject to more controls, including investigations over funds suspected of being illegally used for land purchases, the report said.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Related: China’s GDP Returns to Growth With 3.2% Gain in Second Quarter

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