Economy
Beijing residential land sales already 50% of 2009
By Zhang Jiawei (chinadaily.com.cn)
Updated: 2010-03-17 11:08
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With 14.35 billion yuan in revenue realized on Monday, Beijing's residential land sales has already surpassed 35 billion yuan, accounting for more than 50 percent of last year's total of 70 billion yuan, the Beijing News reported Wednesday.
After Monday's transactions, four pieces of residential land of the total six were acquired by China's centrally administered State-owned enterprises (SOEs). Sales revenue from the six pieces of land totaled 14.35 billion yuan.
Beijing's total land sales in 2009 topped 92.8 billion yuan, accounting for 45.9 percent of the city's annual fiscal revenue. The figure for residential land sales in 2009 was 70 billion yuan, of which 49.8 billion yuan was from sales to SOEs.
SOEs' eagerness to tap into the property market was mainly due to their abundant cash reserves and few other opportunities to invest as China's real economy has yet to fully recover, and also to the attractive high profit margin in China's property market, the newspaper said, citing the research department of property agency Centaline China.
