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Developers rush to buy land on inflation concerns
http://english.dbw.cn銆€銆€ 2009-06-10 14:01:53
 
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    Due to realtor's improved cash flow, loosened credit environment and lesser worries of inflation, China's land transaction hit a new high in May.

    Beijing's land sales in May exceeded the total amount sold from January to April, China Daily reported Wednesday.

    Data from Beijing land reserve center shows that 28 parcels of land, with a floor space of 1.68 million square meters were sold in May, up 91 per cent from April. Among the 28 parcels, 10 pieces, or 1.01 million square meters, are for residential purpose.

    "The big round of property sales in March and April largely eased property developers' cash flow pressure, and the loosening credit environment also encouraged them to increase their land bank," the paper quoted Grant Ji, director of Savills (Beijing), as saying.

    A real estate insider believes once the market recovers fully, it would be hard to secure good land in such cities as Beijing and Shanghai. Meanwhile, there are also concerns over inflation.

    Prices have been soaring as a result of fast growing land transaction.

    Statistics show that the deal price is 59.76 percent higher than the floor price on average. Moreover, the price premium is even above 100 percent for quality land parcels in Beijing.

    Pan Shiyi, chairman of China SOHO, said the sharp increase in land transactions and prices indicates the developers' change in confidence and strategy. He also believes that this is the best time for developers to secure and expand land.

Author锛? 銆€銆€銆€Source锛? xinhua 銆€銆€銆€ Editor锛? Yang Fan
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