Residential land prices in China soar

  Residential land prices in China's first-tier cities soared 19.02 percent on-year in the third quarter, while prices diverged dramatically between cities in other tiers, Ministry of Land and Resources (MLR) data showed. Residential land prices in China's four top-tier cities - Beijing, Shanghai, Shenzhen and Guangzhou - climbed 19% to an average of 21037 yuan ($3,103) per square metre, the fastest growth seen this year. "Residential land prices in first-tier cities and some popular second-tier cities are still growing rapidly, while most second- and third-tier cities had stable prices," the Ministry said in a report, noting the stark contrast in price growth. China's property market has rebounded since late last year, thanks to a flurry of government stimulus measures including relaxed home purchase policies and loose monetary policy that encouraged cheap credit.