Developers snap up land in first- and second-tier chinese cities

Developers are snapping up land in first- and second-tier Chinese cities, as the property market shows signs of recovery.

"Land transactions, especially in the first-tier cities, have become very active," David Ji, head of research and consultancy, Greater China, at international property consultant Knight Frank, tells the SCMP. "As property prices and transaction volumes rebound, developers have started bidding aggressively to replenish their land banks."

Land sales racked up a total of 72.7 billion yuan in July 2015, then dipped slightly to 70.1 billion yuan. The steady demand, though, could push up values to the point where smaller contenders could be priced out of the market.