Chinese property developers accelerated land purchasing in April after the coronavirus outbreak was brought under control in the country, assisted by abundant liquidity from central government efforts to shore up the economy in the wake of Covid-19, reported Caixin.
The country’s top 100 land-buying developers spent a combined RMB 388.2 billion ($54.4 billion) acquiring new land in April this year, up 108.9% from the previous month, according to a report released Friday by the China Index Academy, a property market research organization. The figure rose 7.2% year-on-year.
By comparison, China’s top 100 land-buying developers spent a total of RMB 455.5 billion in the first three months of 2020, down 20.6% year-on-year, according to a report released by the organization last month.