(Yicai Global) Dec.3 -- Property development juggernaut China Vanke has only taken two lots this year for a total of USD363 Million by last month as China's property market continues its contraction, the statistics of a new media platform under Securities Times show.

Shenzhen-based Vanke has taken less than CNY10 billion (USD1.45 billion) in land for the third month in a row in a record low since last year, the platform's figures indicate, even as the firm is slashing prices to hasten sales and recoup costs.

The company started selling a large-scale development in Shenzhen for CNY43,900(USD6,380)per square meter on Nov. 28 in a big drop from analysts' expectations of CNY50,000. About 1,900 units sold within a half-hour of sales opening, with the sales amount reaching CNY7 billion.

In addition to Vanke, Foshan, Guangdong province-based Country Garden Holdings, Guangzhou-headquartered Poly Real Estate Group and other first-rank developers all slashed their land acquisitions to 68 parcels in total last month for CNY63 billion, a drop of 64 percent from the year before and a new annual low.

China's property market still offers very great scope for growth, Vanke's Chairman Yu Liang told a press briefing Nov. 28, adding the firm may attain its aim of recouping CNY630 billion in funding this year, but still needs to harbor a sense of urgency and concentrate its business in core metropolitan areas.

Editor: Ben Armour