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Land sales down in Chinese cities in H1 amid epidemic

Updated: Jul 05,2020 02:26 PM    Xinhua

BEIJING — Land sales in 300 Chinese cities declined during the first six months due to pressure from the COVID-19 epidemic, an industrial report showed.

Among the 300 surveyed cities, land sales totaled 870 million square meters in the first half of 2020, down 6 percent year-on-year, according to the China Index Academy, a property research institute.

The transaction volume for residential land amounted to 430 million square meters in the period, falling 5.4 percent year-on-year, the report said.

Residential land sales in China's first-tier cities rose over 60 percent, that of second-tier cities edged down 1.7 percent, while that of third- and fourth-tier cities slid 11.8 percent year-on-year.

China has reiterated the principle that "houses are for living in, not for speculation." However, while curbing housing speculation, China will also implement city-specific policies in the sector, according to this year's government work report.

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