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Major Chinese developers’ spending on land acquisitions triples to $228 billion from five years ago, most investment in “new-tier-one” cities

China’s top 20 developers have tripled their spending on land acquisitions in the first nine months of this year compared to five years ago, with most of it focused on “new first tier” cities such as Wuhan, according to a report from a leading research firm.

The top homebuilders including Country Garden Holdings, China Evergrande, China Vanke, Greenland Holdings and China Overseas Land & Investment invested 1.5 trillion yuan (US$228.3 billion) between January . . .

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