Seven out of the 10 transactions this year involved state buyers, including China Resources Land, China Overseas Land & Investment, Poly Developments and Holdings Group and mixed-ownership firm Greentown China Holdings Ltd.
Chinese state-backed developers are starting to buy land at a premium again after the government eased limits on home prices to revive a slumping market that’s been a drag on the economy for more than four years.
The number of land parcels that sold for at least 20% above the asking price accounted for 37% of deals this year, according to a Bloomberg analysis of transactions worth at least 1 billion yuan ($184 million) tracked by China Index Academy. That compares with just 14% for all of last year and 4.6% in 2023.
