The land transaction area for 40 Chinese cities saw a sizeable decline in the first half of 2019.
A new report released by the Shanghai E-House Research Institute indicates that the 40 Chinese cities it monitors posted a collective land transaction area of 254.115 million square metres in the first half of 2019, for a decline of 16.6% compared to the preceding period and a YoY decline of 3.6%.
The land transaction area for Chinese cities began to see steady YoY gains in the first half of 2015, before hitting a peak in first half of 2018.
According to the report land prices hit a new peak of 5218.1 yuan per square metre in the first half of 2019, after dropping to 4250 yuan in the second half of 2018 from a prior peak of 4918.2 yuan in the second half of 2017.
The top Chinese cities for land premium rates in June were Jinhua (72%), Nanning (70%), Jingzhou (58%), Shenzhen (48%) and Fuzhou (44%), while June also marked the fourth consecutive month of no land transactions.