Beijing's land sales surge in first half

Beijing's land sale revenue in the first half of this year surged by 71 percent from over a year ago, despite the cooling property market.

By the end of the first half of 2014, Beijing sold 53 parcels of land for commercial purposes earning 109.9 billion yuan ($17.6 billion), setting a new record of the past ten years, according to Yahao Real Estate Service Corporation.

However, turnover significantly dropped during the second quarter, as land sale revenue dropped to 35 billion yuan from the 74.9 billion yuan recorded in the first quarter.

33 parcels of land were sold in the first quarter, while the number dropped to 20 during the second quarter, Yahao said.