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The Ministry of Land and Resources says China's real estate sector is cooling down, with both prices and transaction volumes dropping in the first half. The Ministry stressed that it will continue the sustainability and stability of the control policies in the second half.
Land supply across the country stood at nearly 180 thousand hectares in the first half, increased by 65 percent from a year earlier. Land used in the first 6 months for property development increased more than 98 percent, and that for residential houses jumped more than 110 percent. Land prices also fell. In May, selling prices for property development were down by nearly 11 percent in 84 major Chinese cities.
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