(Yicai Global) Nov. 3 -- Land sales in 300 surveyed cities totaled CNY3.03 trillion (USD454.2 billion) in the first ten months of the year, an increase of about 43 percent annually, according to data from the China Index Research Institute (CIRI).
Total land revenues in the 300 cities fell 14 percent to CNY37.2 billion in October compared to September but grew 132 percent compared to the year-ago month.
First-tier city land sales were CNY53.7 billion in October, down 11 percent from September but up 587 percent annually, with Beijing leading the way with revenues of nearly CNY28.2 billion. Land sales in second-tier cities amounted to CNY174.4 billion, a decline of 31 percent compared to September but an increase of 81 percent from a year earlier.
Combined land sales in third- and fourth-tier cities reached CNY144.1 billion, an increase of 19 percent from September and 156 percent over the same period last year.
The total turnover of residential land in 10 key cities decreased by more than 40 percent in October compared to the month before, with total revenue of CNY99.9 billion, shrinking by around 50 percent. Nine residential land lots in Beijing entered the market, with a total sales revenue of CNY26.2 billion, ranking first among the 10 cities.