China land prices increase in 2016

A food delivery man rides past residential buildings in Zhengzhou, Henan province, September 23, 2016.[Photo/Agencies]

BEIJING - Land prices in major Chinese cities posted mild gains in 2016, propelled by rising residential land price on the back of the housing market recovery, official data showed Monday.

The average land price in 105 cities monitored by the Ministry of Land and Resources (MLR) reached 3,826 yuan ($550) per square meter in 2016, according to statistics published on the ministry website.

The price represents a rise of 5.3 percent from fourth quarter of 2015.

Land for residential use was priced at an average of 5,918 yuan per square meter, 7.9 percent higher than a year earlier, said the ministry.

In comparison, average land price for industrial use stood at 782 yuan per square meter, 2.8 percent up from a year earlier.