Lower-tier city land prices gaining ground

Both land transaction fees and the average price of land in 300 cities in China rose in the first half of 2017, with lower-tier-cities experiencing the fastest growth as policies on residential markets tightened in first-and-second-tier cities.

According to data from China Index Academy, a Beijing-based realty information service provider, the combined income from leasing land in China was 1.5 trillion yuan ($220.6 billion) in the first half year, 34 percent year-on-year increase.

About 374 million square meters of land were transacted across China. The average price of the transacted land was 2,249 yuan per square meter, a year-on-year increase of 40 percent.