Plot of Land Sold at Record of 8 Billion Yuan
A plot of land was sold at a record of 8.63 billion yuan which underlined resilient demand for property in big cities even with the cooling down of the overall property market. The parcel of land is located just south of Beijing, is a mixture of residential and educational use was sold at 22 percent premium of its starting price. Data from the Beijing Land and Resources Bureau lists the land with 155,675.9 square meters.
This only showed that the demand for property remains strong in big cities a stark contrast with the overall property market. Sales in first tier cities especially in Shanghai, Guangzhou, Beijing and Shenzhen had their highest levels in 2014 nearly 15 percent in December and November. The stronger than season property sales in December showed a point in the recovery thanks to the loosening up of the housing and monetary policy along with an upbeat momentum that was expected to swing until 2015.
Real estate market is been plagued by falling prices and high inventories and is still expected to remain weak until 2015. In a downturn developers are not being funded well unlike before and are starting to be cautious in buying land.