Source:
https://scmp.com/business/article/2058976/top-10-chinese-cities-earn-124-trillion-yuan-land-sales-2016
Business

Top 10 Chinese cities earn 1.24 trillion yuan in land sales in 2016

Nanjing overtakes Shanghai and Shenzhen to rank top in land sales, worth 177 billion yuan

A property salesperson introduces a housing project to potential buyers at a housing fair in Nanjing. The capital of Jiangsu province saw land sales revenue surge 100 per cent to 177 billion yuan last year. Nationally, Shanghai ranked second, followed by Hangzhou, Suzhou and Tianjin.Photo: Xinhua

China’s red-hot property market drove land auction prices up 30 per cent to record levels last year.

The top 10 Chinese cities earned a total 1.24 trillion yuan from land sales, a 35 per cent jump from a year ago, according to data from the China Index Academy (CIA), a private property research institute. Six cities, mostly second-tier, alone each generated more than 100 billion yuan each in sales.