The land market is cooling down,........>

CHINA PRESS: The land market is cooling down, though the scale of transactions

is still large, the 21st Century Business Herald reported Thursday. The slowing

is reflected in reduced prices for premium land, fewer bids and less frequent

breaking of the maximum price set by the government. The cool-down is mainly in

high-tier cities: at auction Nov. 3, one patch of land in Beijing failed to

sell, the first failure in almost two years, and two parcels failed to sell in

Guangzhou. The premium rate is about 19% in Tier 1 cities this year, 48

percentage points lower than the rate of nearly 67% in 2016. Property developers

are increasingly acquiring land in Tier 3 and Tier 4 cities because it is easier

for them to recoup their investment. Experts say land sales in those cities will

not slow down anytime soon, especially cities near larger hotspot cities, unless

strict regulation is put in place. (21st Century Business Herald)