Land supplies fell in China's 300 largest cities in July with increased striking prices, according to a report released by the China Index Academy.
3,363 land plots were supplied in those cities in July, involving a total land area of 128.75 million square meters, down 15% from a month earlier and down 3% from a year earlier. There were 1,122 residential blocks covering 49.04 million square meters, down 11% from a month earlier and up 13% from a year earlier.
2,625 blocks were transacted in July, involving a total land area of 95.33 million square meters, down 24% from a month earlier and down 10% from a year earlier. There were 801 residential blocks covering 36.42 million square meters, down 23% from a month earlier and up 12% from a year earlier.
The average price of the transacted blocks in July was 1,418 yuan/square meter, up 37% from a month earlier and up 58% from a year earlier. The average price of residential blocks was 1,980 yuan/square meter, up 46% from a month earlier and up 47% from a year earlier. Active transactions in tier-1 and tier-2 cities pushed up the prices, particularly propped up by prime-location land pieces.
Of the top 10 residential blocks by price in July, 4 were in the Yangtze River Delta, 3 were in the Bohai Rim, 2 were in the northeast and 1 in the Pearl River Delta. The most expensive block was transacted for 4.87 billion yuan in the Zhangjiang Hi-Tech Park in Pudong, Shanghai. It was the highest total price of a residential block in Shanghai since 2011. The rest of the top 10 residential blocks fetched between 2.8 billion and 5 billion yuan.
Of the top 10 cities by price premium in July, Shanghai was in the first place with an average 83% premium. Apart from Guangzhou and Shenzhen, the rest of the top 10 cities saw an average premium of 15% or above.
Land-auction proceeds in Beijing, Hangzhou and Nanjing stacked up to 56.6 billion, 45.9 billion and 36 billion yuan respectively from January and July, eclipsing those of the whole of 2012.
The China Index Academy, which is operated by real estate service provider SouFun Holdings Ltd (NYSE: SFUN), predicted that land supply would increase in the major cities in the second half of 2013, and new record would be set for the total price of a land plot as well as of all land auctions as more prime-location blocks will hit the market.
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