China's land prices rose 8.1% y/y in 1Q

BEIJING: Chinese land prices rises moderated in 1Q, thanks to an increased supply of land during the same period, the land and resources minister said.

The average land price in a sample of 105 cities was up 8.1% in the first three months from a year earlier, reaching 2,700 yuan (RM1,262) per sq m, the official Xinhua news agency quoted minister Xu Shaoshi as saying.

Land prices increased 2.3% on a quarter-on-quarter basis, down from a 3% rate in 4Q.

The total supply of land in the first three months rose 67% from a year earlier to one million mu (164,000 acres), with land used for property development accounting for 39.2%, according to Xu.

Chinese property prices in 70 cities rose 11.7% in March from a year earlier, up from 10.7% in the year to February. – Reuters