The total value of commercial property deals on the mainland in the first six months of the year reached US$31.2 billion, the South China Morning Post reported. Data from US research firm Real Capital Analytics found that China sales far outstripped those in the US and UK which stood at US$16.2 billion and US$13.7 billion respectively. Analysts said the surge in China sales was due to high levels of liquidity, a favorable outlook for the retail industry and the prospect of real estate investment trusts (REITs). A report by the Ministry of Land and Resources last month found a 1.07% year-on-year growth in average prices for land designated for commercial use during the first half. This compared to a 0.07% increase for average prices for residential land and a 0.73% decline in prices for industrial land.