Land prices on the mainland fell for the first time in eight years in the first quarter, as developers were slow in replenishing land amid the uncertain outlook for the property sector.

The Ministry of National Land and Resources said the composite land price, which includes commercial, residential and industrial areas in 35 major cities, averaged 3,189 yuan (HK$3,820) per square metre in the quarter, a 2.25% drop from the same period last year.

Land prices had gained annually since 2002, with the growth rate reaching 13.37 per cent in 2007.

South China Morning Post