(Yicai Global) Oct. 11 -- Land sales in 300 surveyed cities totaled CNY2.6 trillion (USD395.7 billion) in the first three quarters of the year, an increase of 35 percent annually, according to data from the China Index Research Institute (CIRI).
Residential land sales in the first nine months came to USD334.8 billion, up 42 percent compared with last year, the data show.
In the 40 medium- to large-sized cities covered in the data, land sales surged more than 50 percent annually and is forecast to total USD30.4 billion for the whole year. The first-tier cities of Shanghai and Shenzhen both experienced declines in the period. Third-tier and fourth-tier cities are leading growth in the prices, the CIRI said.
Real estate market regulations have intensified this year in first- and second-tier cities, resulting in increased demand in third- and fourth-tier cities. The average premium rate for land declined over the three quarters compared with last year, reflecting the significance of the increased supervision.