Average land price hits record high in July

The average price for land in July for 53 cities reached a record high this year of 3,030 yuan ($495) per square meter. That figure is up 28 percent from last month and 59 percent from the same period last year, according to the data released by China Real Estate Information Corp as reported by Guangzhou-based Nanfang Daily.

The Pearl River Delta region witnessed the highest year-on-year growth of 61 percent, followed by Guangzhou, Zhongshan and Shenzhen.

The turnover in office space reached 50.26 million square meters in the 53 cities in July.

"As the government continues to exercise tight control over real estate and the demand over high quality land increases, prices are bound to keep rising," said Lin Bo, head of research at CRIC.