Statistics show continued rapid growth in sector in 10 key cities
China’s land market sizzled in May, with the land transfer fees in the country’s 10 key cities reaching a record high since 2008, industry statistics showed, indicating pressure for further home price hikes in the market.
The land transfer fees in the 10 major cities monitored by E-House China Real Estate Research and Development Institute stood at 66.99 billion yuan ($11.2 billion) last month, an increase of 392.6 percent year-on-year, a report from the institute showed.
Meanwhile, the average price of transacted land parcels was 3,015 yuan per square meter in May, up 215.7 percent over the same period last year. It also reaching a three-year high, according to the report.
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