China land prices fall Attract revival

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The South China Morning Post reported that local governments in several large cities are lowering their land auction prices. to attract investors This is because many Chinese real estate companies lack liquidity due to strict government credit limits. including concerns about market stability

Beijing put 12 plots of land up for auction on Nov. 19, the initial bid was set at 4.8 billion yuan, a 15% drop from the latest monthly auction in September.

same as Hangzhou The initial auction price was reduced by 15% and Guangzhou by 20%, while Suzhou reduced the land auction deposit to 30% of the initial 50% from the original set.

Under China's centralized land sales project It requires local governments in 22 major cities to auction their land three times this year. But found at the auction last month. last September The auctioneers got about a third of the land, a total of 700 plots, without any interested bidders.


Lu Wenxi, an analyst at Centalene Property, said: "The land auction price reduction is a successful land sale."

Land sales are the main source of income for Chinese local authorities. But the pressure from speculative control measures and the real estate market bubble burst. including Evergrande's debt crisis As a result, the real estate market was sluggish. In particular, house prices in China have dropped for the first time in 6 years.


It's not just about lowering the price of land auctions, the Financial Times reports that the Chinese government has also eased credit controls. As a result, Chinese mortgages for October 2021 are up 1% from the same period last year after a four-month decline.

Zhou Lan, head of money markets at the People's Bank of China (PBOC), said the goal was to limit the credit flow of highly-debt real estate companies. Instead of blocking development credit by allowing big banks to issue loans cautiously