Land transaction volumes and prices for 40 Chinese cities saw a sharp decline in October compared to the preceding month according to new data.
The land transaction floorspace for 40 Chinese cities was 38.9 million square metres in October for a decline of 22% compared to the preceding month and a YoY rise of 2.9%, according to data from the Shanghai E-house Real Estate Research Institute (易居房地产研究院研究).
For the period from January to October the 40 cities monitored saw a total land transaction floorspace of 401.81 million square metres, for a YoY rise of 19.7%.
Land transfer revenue for October was 148.37 billion yuan, for an on-month decline of 15.6% and a YoY decline of 27.9%.
For the period from January to October the total land transfer revenue was 1801.9 billion yuan, for a YoY decline of 0.5%, and the first YoY decline since the start of 2016.
The average land transaction price for October was 4323 yuan per square metre, for a decline of 0.2% compared to the previous month, and a YoY drop of 23.7%.
In October the land transaction premium rate was 13.1% for the 40 cities monitored by Shanghai E-House, for a decline of two percentage points compared to November, and a drop of 19.5 percentage points compared to the same period last year.