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Commercial, residential land prices rise in Q1

By WANG QIAN | chinadaily.com.cn | Updated: 2013-04-18 17:07

The land price for commercial and residential buildings in China increased in the first quarter and is likely to continue rising until June, the country's land watchdog said on Thursday.

According to a quarterly report released by the Ministry of Land and Resources, from January to March the average price of land for residential homes rose 2.07 percent to 4,702 yuan ($747) per square meter in 105 cities compared to the fourth quarter 2012.

The average price of land for commercial use in 105 cities rose 1.47 percent, to 5,964 yuan per sq m, in the first quarter, compared to the previous quarter, the report said.

The growth of the country's land price accelerated with the price of land for residential homes in 92 cities increased in the first three months, it added.

Land prices in Chinese cities along the Pearl River Delta rose the fastest, the report said

In the first quarter, about 56,500 hectares of land was supplied to the market, including 18,900 hectares for property development, a year-on-year increase of 45.53 percent.

But land provided for affordable homes in China is near record lows, with only 1,700 hectares of land offered, about 64.23 percent less than the fourth quarter last year.

The ministry predicted the country's land price inflation will continue to rise before June amid growing expectations that the property market is rebounding.

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