The average price of land in China's major cities during the second quarter increased 8.85 percent year-on-year, the Beijing News reported on Monday, citing data from the Ministry of Land and Resources.

According to the ministry, more than 60 percent of major supervised cities saw slowing growth rate month-on-month in land prices, but year-on-year, the growth rate was still high.

The price of commercial-use land increased 11.76 percent year-on-year, faster than 10.73 percent of residential-use land. The ministry's report said there had been more investments in the commercial property market since the government released strict policies to limit speculation on residential-use property.

Experts said generally land prices nationwide should remain steady during the second half this year.

Source:ChinaDaily