Beijing to See Land Supply Increase

Beijing government will increase land supply in the coming month. The city will sell 23 land lots for residential use to property developers from Jan. 4 to Feb. 6, state-owned Xinhua reported citing local financial media.

The total construction area of the land will exceed 3 million square meters, larger than the same period in any previous year.

With non-residential land included, a total of 26 lots will be sold during the period, with a combined value estimated at over 70 billion yuan (USD10.8 billion ), it said citing data from property agency.

Last year, Beijing saw 91 residential lots enter the market, with a construction area totaling 12.3 million square meters, 9.8 million square meters more than the previous year, according to the report.