Shanghai land market cools in H1

Shanghai's land market cooled in the first half of this year as real estate developers stayed cautious.

Sales of land parcels, excluding those designated for public uses, totaled 57.7 billion yuan ($9.3 billion) between January and June, a plunge of 58.1 percent from the second half of 2013 and down 13.3 percent from the same period a year earlier, Shanghai Deovolente Realty Co said yesterday.

By price, the land plots were sold at an average 11,300 yuan per square meter, down 0.6 percent from the previous six-month period, but up 11.3 percent year on year.