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BEIJING, Oct. 15 (Xinhuanet) -- The average price of land in major Chinese cities rose by 32 yuan per square meter in the third quarter of 2015. The China Land Surveying and Planning Institute said the average price rose to 3,606 yuan per square meter.
In the breakdown, the price of land for commercial use, residential property development and industrial production all saw steady growth from the previous quarter. The price of land for residential property led the growth, by rising up 1.16 percent from the previous quarter.
On the yearly basis, land for industrial purposes led the growth and surged 3.48 percent from the same period of last year. Analysts say property stimulus measures and industrial restructuring have had effects and developers' confidence is rebounding.
Zhao Song, Director of the report compiling institute says the rise of land prices is in accordance with China's economic adjustment and the transformation process.
"China's economy is in the process of adjustment and transformation. The land market is also going through an adjustment period. The sentiment of China's economic transformation is reflected in the land market and affects the land price fluctuations," Zhao said.
(Source: CNTV.cn)
