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China’s top 100 property developers spent 694.6 billion yuan on land acquisitions in the first seven months of the year, sliding 13.4% from the same period last year, expanding by 3.2 percentage points from the drop during the first six months, according to data compiled by China Index Academy, one of leading real estate research firms in the country.
China Resources Land ranked the top in terms of land acquisitions, with 112.4 billion yuan spent on land in the 7-month period, and it’s followed by Poly Developments and C&D Real Estate with 99.4 billion yuan and 84.5 billion yuan spent on land acquisitions.
In July alone, China’s 50 major property developers’ spending on land acquisitions tumbled by 32.9% from a year earlier as’ property sales slid, said the academy.
The 50 major developers’ land investment in tier-two cities accounted for 61.4% of the total and their land investment in tier-one and tier-two cities accounted for nearly 90%, showed the data.
Central government-administered state-owned enterprises (SOEs) remained the major buyers in the land market, while local government financing vehicles (LGFVs)’s spending on land has decreased significantly, but private companies’ interest in land buying has increased significantly from last year, said the academy.