Chinese land sales slide 13% in 2011

China’s land sales plummeted by 13% in 2011 as prices flattened according to a new report.

The China Index Academy think tank’s latest figures show that auctions of residential land fetched 1.24 trillion yuan…down 24% on 2010.

Huang Yu, deputy head of the academy, said: "Developers' capital dried up as housing prices and transactions dropped nationwide. So real estate companies are reluctant to fill up their land banks.

“The property market is going through a harsh winter," Yu added.

Source:  OPP.org.uk