Yanlord

Yanlord / China property: +3.5%. We highlighted a jump in vol/interest yesterday. The China Daily reported today that China's major property developers are accelerating purchases of land parcels due to the recovery in the real estate market, at a time when local govts are eager to boost revenues. 7 major real estate developers bought land parcels worth Rmb 8.87b yuan ($1.34b) in first- and second-tier cities from Sept 5 to 7, industry data showed. China Vanke Co Ltd, the country's biggest property developer in terms of market value, paid Rmb 4.67b for two land parcels in Guangzhou and Hefei on Sept 5 and 6, which was Rmb1b more than the co spent in Aug. Other major property developers are following suit. China Resources Land Ltd paid nearly Rmb 2b for land parcels bought in three days this month. The purchases by Vanke, an industry bellwether, indicate that property developers are now more optimistic about the market. China's property market has been recovering. The country's real estate development index, a key barometer of the country's property market, saw a small rebound in August after sliding 14 months in a row, according to the National Bureau of Statistics.