China's residential land prices up in Q1

BEIJING - China's average residential land prices rose for a second quarter year on year in the first three months of the year, according to official data released Thursday.

The average price increased by 4.12 percent year on year to 4,702 yuan ($753.33) per square meter, the Ministry of Land and Resources said in a statement on its website.

Land prices in the first quarter continued a recovery trend, the ministry said.

On a quarterly basis, average prices went up 1.77 percent in the first quarter, according to the statement.

Residential land prices remained steady in 54 out of the 105 cities tracked by the ministry, as prices in those cities rose or fell by less than 1 percent.

Zhao Song, director of the land price division of the China Land Surveying and Planning Institute, said local governments have increased land supplies since the beginning of the year.

In an effort to stabilize market expectations, the State Council, or China's cabinet, has pledged to ensure land supplies for housing projects this year.