{"id":25355,"date":"2021-09-30T10:48:43","date_gmt":"2021-09-30T03:48:43","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25355"},"modified":"2021-09-30T10:52:14","modified_gmt":"2021-09-30T03:52:14","slug":"shenzhen-second-land-sale-raises-7-billion-for-government","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/shenzhen-second-land-sale-raises-7-billion-for-government\/","title":{"rendered":"Shenzhen second land sale raises $7 billion for government"},"content":{"rendered":"

The land sales show how resilient the city\u2019s real estate market is compared to other major cities\u00a0<\/span>\u00a0<\/span><\/p>\n

\"\"
The residential site in\u00a0Baoan\u00a0district with a minimum price of RMB1.77 billion was withdrawn from sale, since it didn\u2019t receive any offers.\u00a0\u00a0Eric007\/Shutterstock<\/figcaption><\/figure>\n

Shenzhen sold 21 out of the 22 plots in the city\u2019s second land sale this year, even after the government put a price-cap regulation on new flats to\u00a0aid\u00a0more people\u00a0onto\u00a0the property ladder, reported South China Morning Post<\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

The 21 plots\u00a0– mostly snatched up by state-owned enterprises –\u00a0raised RMB45.3 billion (USD7 billion) for the government, which was\u00a07.34 percent above the minimum selling price of all 22 plots.<\/span>\u00a0<\/span><\/p>\n

The residential site in\u00a0Baoan\u00a0district with a minimum price of RMB1.77 billion was withdrawn from sale, since it didn\u2019t receive any offers.\u00a0<\/span>\u00a0<\/span><\/p>\n

Shenzhen\u2019s second land sale this year had a completely different response to the Guangzhou two-day sale, in which less than half of the 48 sites were sold.\u00a0<\/span>\u00a0<\/span><\/p>\n

Yan Yuejin, director at Shanghai-based E-house China Research and Development Institute, said, \u201cThe land sales show Shenzhen\u2019s property market is more resilient compared to other cities.\u201d<\/span>\u00a0<\/span><\/p>\n

The city\u2019s government implemented various cooling measures earlier this month, including lowering the maximum selling price of the 22 sites to 15 percent of the base price. In addition, prices of new flats to be built on these plots were cut between three and 9.2 percent, as well as companies and their subsidiaries were restricted to a maximum of three sites each.<\/span>\u00a0<\/span><\/p>\n

A series of policies have been implemented across China this year to curb the property market, some of which are\u00a0centralised\u00a0land sales, discussions with local governments, preventing business loans from flowing to the housing market, and a crackdown on speculation.\u00a0<\/span>\u00a0<\/span><\/p>\n

Property sales in Shenzhen have been toned down after another set of cooling measures in May\u00a0to help the government watch for speculative buying.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: Property prices in China\u2019s Tier-1 cities jumps an average of 10.5%<\/strong><\/a><\/p>\n

Huang To, the general manager for project development at real estate agency\u00a0Centaline\u2019s\u00a0Guangzhou unit, said, \u201cThe move illustrates the central government\u2019s determination to\u00a0stabilise\u00a0land and property prices to provide more affordable homes to cool the red-hot housing market.\u201d<\/span>\u00a0<\/span><\/p>\n

\u201cThe government does not want to see a collapse in land and home prices, which could pose a threat to the country\u2019s economy,\u201d he added.\u00a0<\/span>\u00a0<\/span><\/p>\n

\n
\n
\n

The Property Report editors wrote this article. For more information, email:\u00a0propertyreport@propertyguru.com<\/a>.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The land sales show how resilient the city\u2019s real estate market is compared to other major cities\u00a0\u00a0<\/p>\n","protected":false},"author":12,"featured_media":25358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[137,165,2368,189],"class_list":["post-25355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-china","tag-cooling-measures","tag-hot-property","tag-shenzhen","news_country-china","news_author-property-report"],"acf":[],"yoast_head":"\nShenzhen second land sale raises $7 billion for government | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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