(MENAFN) With land used for real estate development witnessing the most declines, China's supply of state-owned construction land deteriorated throughout the previous year.
The overall state-owned construction land plunged 12.5 percent y-o-y to 534,000 hectares last year, while land used for real estate development dived 20.9 percent to 120,000 hectares.
Additionally, the world's second largest economy's property division is already facing a supply glut; hence investment activity has been slumping as developers tried to sell existing homes.
To tackle these problems, the regulators introduced drastic policies including cutting the minimum down payments requirement and lowering taxes on some property transactions.
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