Privately-owned China Vanke, the country's largest listed developer, said on Thursday that one of its operating strategies was to not be a land king.
"When there's a lot of people after a piece of land, we'd rather miss the land than buy wrong," said Tan Huajie, secretary of the board.
China Vanke has won 13 pieces of "premium land" in the country since 2008, making it the No 2 "land king" after state-backed Poly Real Estate Group, according to CRIC.
GOVERNMENT IMPACT
Any slump in prices paid at land auctions could also have an impact on China's indebted local governments, for whom such sales form a major portion of revenue. An average of 24 percent of local government revenue came from land sales in 2013, according to the latest data from the Ministry of Finance.
Chinese data last month showed that sale price rises eased for the first time in 14 months in January, in a sign that the government's more than four-year campaign to rein in property prices to avoid a bubble could finally be starting to bite.
This comes after a string of record-breaking prices being paid at government land auctions.
In September, Sunac China Holdings beat seven rivals to win a residential land plot near Beijing's eastern third ring road for 2.1 billion yuan ($342 million), the ceiling price set by local authorities.
A day later, Hong Kong-listed Sun Hung Kai Properties, Asia's most valuable developer, won a commercial plot in Shanghai for 21.8 billion yuan, a record high in the financial hub.
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