Land costs down, supply up in major Chinese cities

Residential and costs in 20 major Chinese cities are going down. The Ministry of Land and Resources say, that during the first week of March, the average sales price in the 20 cities was around 1,900 yuan per square meter.

The amount was down 60 percent from the previous week. Those cities put 251 pieces of residential land for auction, more than doubled compared with the same periold last year. Analysts believe the price decline was mainly caused by the recent property cooling measures. Figures also show, that in February, 70 major Chinese cities sold 310 pieces of residential land.