China residential land transactions shrink in first two months: report
China reported a nearly 20-percent tumble in residential land transactions in the first two months of 2020, while analysts foresee a rebound in March on hopes of improved policy incentives and generally recovered economic activities, an industry report said.
A total of 65.42 million square meters of residential land in 100 surveyed Chinese cities were transacted in January and February, down by 18.7 percent year on year, according to a report released by E-house China R&D Institute.
On a year-on-year basis, the transaction of residential land in first-tier cities declined 1.7 percent during the period, the reading in second-tier cities tumbled 37.1 percent, while the third- and fourth-tier cities rose by 7.4 percent.
Yan Yuejin, the research director at the institute, said the fallout of epidemic, including the land supply halt, suspended sales activities as well as sluggish in the property market, have dragged the growth of the land market during the period.
Yan said the land market may rebound in March, as the relaxed financing policies and improvement in land qualities will inject impetus into the market.