Land transactions in 20 major cities were up last week, with 13 plots sold for residential purposes, up from six the week before, reports China Securities Journal, citing data from China Index Academy. Transaction area was 790,000 square meters, an increase of 260,000 square meters week on week.

Last week, the 20 major cities offered a total of 23 plots of land for residental use for sale, with a total area of 1.72 million square meters, 540,000 square meters more than a week ago.

A total of 70 plots were put up for sale last week, with a total area of 3.52 million square meters, an increase of 220,000 square meters from the previous week.

Wuhan, Shenyang and Tianjin had the largest amount of land for sale, with 1.06 million square meters, 800,000 square meters and 490,000 square meters up for bids, respectively.

Due to strong demand, 22 of 40 cities monitored posted annual growth in home transaction volume in March, according to China Index Academy.

Transaction volume in Hangzhou grew the most at 200 percent, followed by a 150 percent rise in Nanjing and 100 percent rise in Chengdu and Chongqing.

Last week, a total of 2,214 homes were transacted in Beijing, with a total area of 257,400 square meters, up 37.6 percent from the 2011 weekly average.

In Shanghai, home transactions last week matched the 2011 weekly average at 2,334 homes at a total area of 254,800 square meters.

Source:capitalvue.com