China developers turn to old-charm lower-tier cities for cheaper land bank as prices in Beijing, Shenzhen soar

• Taiyuan and Xi’an are two cities where property developers have picked up more land bank as they avoid soaring prices in top-tier cities
• Taiyuan land cost 2,476 yuan per sq m on average in 2019, compared with 2,624 yuan in Xi’an. Both are almost 10 times cheaper than Beijing and Shenzhen