The land transaction area in 10 typical Chinese cities monitored totaled 18.31 million square meters in August, up 19.3 percent from July, but down 20.5 percent year on year, according to an Economic Information Daily report Monday.
The land transactions in the first-tier cities monitored totaled 5.11 million square meters in August, up 29.4 percent over July but down 9.8 percent year on year. The average selling price was 7,212 yuan/square meter, down 21.7 percent over July, but up 23.1 percent year on year. Meanwhile, the land transactions in the second-tier cities monitored totaled 13.2 million square meters, up 15.8 percent over July but down 37 percent year on year.
The average selling price was 2,261 yuan/square meter, up 4.9 percent over July and up 14.9 percent year on year. Cao Nina, an analyst with the R&D Institute of E-house China, said China's land market has stabilized and stopped declining as the land price in the second-tier cities has increased for three consecutive months and entered the rising trend while that in the first-tier cities have been correcting at a high level.