China major cities' October land revenues rise 24% y-o-y
[BEIJING] Local government revenue from land sales in China's 10 biggest cities rose 24 percent in October from a year earlier, a private survey showed, pointing to early signs of price stabilisation in the property market.
But land revenues were still down 17.9 per cent in the first 10 months in the cities, which include Beijing and Shanghai, data from real estate services firm E-House China showed.
Selling land to developers is a major source of income for China's local governments, but a cooldown in the housing market since last year has crimped developers' demand for land.
The 10 biggest Chinese cities earned 588.9 billion yuan (S$131.6 billion) from land sales in the January to October period, including 73.1 billion yuan in October, according to E-House.
Following a year-long slump, home sales and prices have increased in bigger cities over recent months, helped by a barrage of government measures aimed at reviving the key sector to arrest an economic slowdown.
Still, analysts do not expect a full-blown turnaround any time soon in the housing market, as a huge overhang of unsold homes discourages new construction and investment.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Singapore office rents in central region fall 1.7 per cent in Q1 after rising for 9 quarters
Singapore retail rents slip 0.4% in Q1 as vacancy rates creep up
Country Garden plans to present debt revamp plan in H2, sources say
Hong Kong home prices rise for first time in 11 months after curbs scrapped
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand
Private home prices ease to 1.4% rise in Q1; rents fall a further 1.9%