[Date:04-25-2012]
China's top 10 property developers spent 70 percent less on land leasing in the first quarter of this year compared with the same period in 2011, according to statistics from Centaline China Real Estate.
These developers paid 14.3 billion yuan ($2.27 billion) in land leasing fees, down 33.4 billion yuan from the first three months of last year, according to data from Centaline. Among the 10 developers, four did not lease any land at all during the period.
Investment in the real estate sector will drop further in the next two quarters, due to the gloomy property market, analysts predict.
