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Pudong seals 50 pct of land sales money

2013-05-24 10:28 Shanghai Daily     Web Editor: qindexing comment

Shanghai's Pudong New Area contributed half of the proceeds of the city's robust land sales so far this year, according to latest market data.

As of yesterday 65 land parcels, excluding those for public uses, had been sold in the city, fetched 40 billion yuan (US$6.45 billion), Century 21 China Real Estate said in a report. Land sales earned 74 billion yuan in 2012.

"An abundant supply of high-quality parcels in Pudong, particularly released over the past few weeks, helped boost momentum in the local market," said Eric Luo, a Century 21 researcher. "The trend is going to continue at least for some time."

In the first 23 days of May, 10 parcels in Pudong were sold for 7.76 billion yuan. They accounted for 59 percent by volume and 78 percent by value of the city's total land sales during the same period, Century 21 said.

Till the end of June, four more land parcels in Pudong will be released.

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