Land transfer prices increase

Land transfer prices for residential property in 100 Chinese cities rose in the second quarter over a year ago, said the China Index Academy in a report.

The organization is a research institute run by Soufun.com, one of China's largest online property information platforms.

The average price of residential property, calculated under the land transfer fee, was 1,474 yuan ($231) per square meter in the second quarter, up 18.6 percent year on year.

Among the 100 cities monitored, 52 cities saw an increase in price over a year ago. The same figure in the first quarter was 28 cities.

Average home prices, calculated under the land transfer fee, in 10 major cities are significantly higher than those of the 100 cities monitored. That figure was 2,904 yuan per sq m in the second quarter, up 43.9 percent over the first quarter.

Beijing's home prices take the lead at 9,381 yuan per sq m.

zhengyangpeng@chinadaily.com.cn