Land sales tumble by 21pc to 3.3 trillion yuan

China | 5 Apr 2016 9:43 pm

Land sales slowed sharply in China last year, as the property market cooled and the country faced economic headwinds, the Ministry of Finance said today.

Land sales by local governments amounted to 3.37 trillion yuan, down by 21.6 percent year-on-year, according to a statement.

Sales fell year-on-year by 23.6 percent in east China, by 17.3 percent in central China, and by 21.2 percent in the west.

Only a handful of cities and provinces reported sales growth, with Shenzhen rising the most – by 36.9 percent year on year.

“Shenzhen's robust land sales were mainly due to its red-hot property market and the booming economy, which pushed land prices higher," the statement said.

In the northern port city of Dalian, land sales dived the most – falling by 56.4 percent. Ningbo city in eastern Zhejiang Province, and Inner Mongolia Autonomous Region were both down by more than half, according to the statement.—Xinhua

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