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PRINT(Beijing) – The land transfer revenue of 10 major cities was 27.9 billion yuan in June, up 106 percent from May, but down 38 percent compared to the same month in 2011, a report by a real estate consulting firm in Shanghai says.
The number of land transactions meant prices would go up in the third quarter and sales would grow for the first time this year in the second half, said Wu Xiaojun, a researcher at E-house China R&D Institute.
Declining land transfer revenues will drive local governments to loosen housing curbs implemented by the central government in 2010, the report said. The number of land transactions would increase in the next six months, it predicted.
Beijing, Shanghai, Shenzhen, Guangzhou and Qingdao were among the cities surveyed. The total amount of land transfer fees collected from January and June was 120.6 billion yuan, down 54 percent from the same period last year, E-house China R&D Institute said.
The 10 cities sold 93.96 million square meters of land in the first six months of the year, down 32 percent from the first half of 2011. The area of land sold has fallen compared to the same month a year earlier for eight months in a row.
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