Caixin
Dec 28, 2021 08:21 PM
ECONOMY

China’s Land Sales Still Sluggish Despite Relaxed Auction Rules

In the fourth quarter as of Dec. 20, the average transaction price at land auctions in 300 major Chinese cities was only 3% higher than the average starting price, down from 17% in the second quarter. Photo: VCG
In the fourth quarter as of Dec. 20, the average transaction price at land auctions in 300 major Chinese cities was only 3% higher than the average starting price, down from 17% in the second quarter. Photo: VCG

China’s land market remains sluggish following a slump that started mid-year even as local governments began relaxing restrictions on auctions to attract reluctant cash-strapped private developers.

In the fourth quarter as of Dec. 20, the average transaction price at land auctions in 300 major cities was only 3% higher than the average starting price, falling from 17% and 8% in the second and third quarters, respectively, according to a report released by real estate data collector China Real Estate Information Corp. (CRIC).

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