In a further sign that the market may be losing steam, some smaller developers have already said they won't compete for sites until market conditions improve. Private developers Yuzhou Properties and CIFI Holdings last month said land prices have become too expensive.
"When we see two signs emerge - government easing tightening and lower prices in the land market - then we will increase our land bank in Hangzhou again," CIFI Chairman Lin Zhong told a press conference last Wednesday, referring to a city about an hour from Shanghai.
Among the 10 developers that have won the most premium land since 2008, six are state-backed companies, according to CRIC. Topping the list are Poly Real Estate, China Overseas Land and Greenland Group.
Nearly 20 percent of property sold to land kings during that period remains unbuilt, while three percent of the deals were forfeited by developers due to financing issues after they paid deposits, it said.
With prices in first-tier cities expected to slow to single digit growth or stay flat this year, and private developers increasingly entering the market, the days of state-owned property companies bidding up for premium sites are expected to draw to a close.
"Fewer SOEs (state-owned enterprises) being land kings is in line with the central government's decision to let markets play a decisive role in the economy; they hope to lower the SOE's contribution to the economy and encourage private investment in construction," said Frank Chen, executive director of CBRE Research China.
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