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Robust sales city in land market
Aggregated Source: Shanghai Daily: Business

SHANGHAI'S land market registered robust sales in the first few months of this year, with Pudong New Area contributing half of the proceeds, according to latest market data.

A total of 65 land parcels, excluding those designated for public uses, had been sold in the city as of today, fetching a combined 40 billion yuan (US$6.45b), Century 21 China Real Estate, one of the largest estate chains in Shanghai, said today.

That compared to 74 billion yuan recorded in 2012.

"Abundant supply of high-quality parcels in Pudong, particularly released over the past few weeks, helped boost momentum in the local market," said Eric Luo, a Century 21 researcher.

"The trend is going to extend at least for the short term, as developers seem to be rather ambitious to expand their land reserves for future growth."

In the first 23 days of this month, 10 parcels in Pudong have been sold for a total of 7.76 billion yuan.

They accounted for 59 percent by volume and 78 percent by value, of the city's total land sales registered during the period, according to Century 21 data.

From now on till the end of June, four more land plots in Pudong, with a starting price of 5.79 billion yuan, will be released for sale, according to government documentation released earlier.

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Copyright Shanghai Daily: Business