Property developers continue to withhold from residential land bidding in a belief that the lowest price of land has yet to come. The fall in bidding activities began in July and has continued into early August, the 21st Century Business Herald reported.

The paper quoted Centaline Group's research, which found that residential land sold totaled 461 hectares in July, decreasing 54 percent month-on-month, and has declined 21 percent when compared with the average amount sold during the first six months of this year.

According to China Vanke Co, the minimum land price has yet to come because local governments usually take time to assess the market and during this period land premium narrows but the land price is far from the lowest.