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MLR: H1 Land Supply up 98% YoY
Chinese sales of land for property development in the first half of the year increased 98.4% year-on-year, according to data released by the Ministry of Land and Resources (MLR) July 27. In the first half of 2010, land available for commercial projects and land for residential use rose 64.1% and 112.5% year-on-year, respectively, while sales of land zoned for affordable-housing projects increased 99.2% year-on-year.
The average price paid for commercial residential land in the second quarter decreased 10.6% from in the first quarter of the year.
Land and Resources Minister Xu Shaoshi said July 6 that MLR's major focus in the second half of the year will be to ensure that 70% of the land supplied is developed as commercial housing.
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