Land prices in major Chinese cities continued to rise in the third quarter, propelled by rising residential land cost especially in metropolitans, latest official figures showed.

The average land price in 105 major Chinese cities monitored by the Ministry of Land and Resources reached 3,767 yuan (US$556) per square meter in the third quarter, up 1.4 percent from the previous quarter, the ministry said in a report released yesterday.

Land for housing was priced at an average of 5,781 yuan per square meter in the third quarter, up 2.11 percent from the previous quarter, said the ministry.

Average land for residential use in mega-cities including Beijing, Shanghai and Guangzhou surged more than 3 percent over the period.

In comparison, average land price for industrial use nationwide stood at 776 yuan per square meter between July and September, representing a mild uptick of 0.69 percent.

China’s housing market started to rise in the second half of 2015, boosted by interest rate cuts and lower deposits.

(Source: Xinhua)