Source: CCTV.com

06-25-2008 12:54

Although the property market in some Chinese cities is cooling down, many property developers are reluctant to talk about their financial pressures. However, some developers are selling their land via equity exchange.

At the Beijing Equity Exchange, real estate projects on sale are not only from the capital, but also around the country including Chongqing municipality and Anhui Province. Many of these land plots are located at prime sites locally such as Beijing's inner second-ring road. Most of the sellers are developers facing poor sales and capital shortages. For example, three plots with a total area of over 60 thousand square meters in Beijing's Huairou district are on sale. Information from the website of the exchange shows that the landowner is selling another property with 40 apartments which were finished at the beginning of this year and only four of them were sold. But sellers are still boasting about their business performance.

Due to the capital shortage, many developers especially smaller ones are attempting to transfer the land which they bought at high prices. Some of them entrusted property agents or equity exchanges to do so instead of listing them on the exchanges, for fear that it would dampen current sales.

 

Editor:Liu Fang