Supply of land increased to meet rising demand

Source: Xinhua | 2017-04-18

CHINA’S housing authority increased the supply of residential land in the first quarter to meet rising demand.

Residential land supply in first-tier cities, such as Shanghai, Beijing and Guangzhou, increased by more than 50 percent from the same period a year ago, according to the China Urban Land Price Dynamic Monitor.

Land supply in second-tier cities also rose while it fell in third-tier cities.

New home prices in Shanghai and Beijing rose by over 20 percent as residents rushed to buy in anticipation of future price rises.

In December, China’s policy-makers announced: “Houses are for living in, not for speculating with.”