China Index Academy: In October, residential land transaction volume and land transfer fees in 300 cities increased significantly year-on-year.

Zhito Finance APP has learned that on November 2, the China Index Academy stated in a report that, affected by the acceleration of land supply in some cities in September and the concentrated release of residential land supply, the transaction scale and transfer fees of residential land in 300 cities in October increased significantly year-on-year, while the scale of land launched in October had already dropped markedly. According to China Index data, the planned gross floor area of residential land transactions in 300 cities was 108.2 million square meters, up 91.8% year-on-year; transfer fees were 375.6 billion yuan, up 89.0% year-on-year. However, the growth in transaction scale was mainly driven by the earlier surge in supply. In October, the land auction heat in third- and fourth-tier cities remained at a low level, with an average premium rate of only 1.5%, a new monthly low in recent years.