Residential land prices in China's first-tier cities soar 19.02% in Q3

Beijing

RESIDENTIAL land prices in China's first-tier cities soared 19.02 per cent on-year in the third quarter, while prices diverged dramatically between cities in other tiers, Ministry of Land and Resources (MLR) data showed.

Residential land prices in China's four top-tier cities - Beijing, Shanghai, Shenzhen and Guangzhou - climbed 19 per cent to an average of 21,037 yuan (S$4,324) per square metre, the fastest growth seen this year. Second- and third-tier cities, though, recorded much smaller gains of 5.69 per cent and 3.71 per cent respectively, with prices reaching 5,567 yuan and 2,465 yuan.