Land supply set to rebound in November

Shanghai will see a notable rebound in land supply this month after a quiet October, with one third of the volume set aside for housing development. About 20 land parcels covering a total site area of 818,000 square meters are set to be released for auction in November, an on-month jump of 73 percent, Soufun.com, operator of the country’s largest real estate website, said in its latest report. “Following a softer land market in October, the city is going to see a significant pickup in supply this month,” said Li Zongzhou, a Soufun analyst. Six plots covering 278,000 square meters are solely designated for residential development, up from just one parcel, or 5,600 square meters, offered for sale last month. Li added that four of the six plots earmarked for homes this month are in outlying Songjiang District. The combined asking price for the 20 parcels is 12.36 billion yuan (US$2 billion), a surge of 91 percent from October, according to Soufun data. Shanghai cut the supply in October because land sales in July-September exceeded 72.1 billion yuan, close to 73.7 billion yuan for 2012, according to Shanghai Deovolente Realty Co.