Chinese land sales hit a record Rmb4.1tn ($672bn) in 2013 following a lull the previous year, providing more evidence that the country’s property market is once again in full throttle. But although construction activity is likely to bolster the economy in 2014, there are signs that land sales could slow, weakening local governments’ ability to raise money.
The value of sales, Ministry of Land and Resources data show, eclipsed the previous record of Rmb3.5tn in 2011. Land zoned for real estate use, which accounts for about one-quarter of zoned land sales, rose by nearly 27 per cent year-on-year.
The land data follow earlier housing research that showed the value of new home prices accelerated to $1.1tn in 2013.
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