Briefing: China’s Land Market Is Running Both Hot and Cold

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A construction site in Chengdu, Sichuan province, on June 30. Photo: VCG

A rundown of the news making headlines in and around China:

Land sales: The recent headline-grabbing sales of premium parcels at record-breaking prices belie the fact that the market remains sluggish across most of China. Over the first three quarters of 2024, residential land sales revenue in the top 20 cities accounted for nearly 60% of the national total. As one analyst pointed out, developers are scaling back land acquisitions to focus only on the best plots in the hottest cities (link in Chinese). That’s tough news for the vast majority of Chinese cities, as local governments continue to count on land sales for a significant portion of their revenue.

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Land sales in China's top cities accounted for nearly 60% of the total revenue, with developers focusing on premium plots despite a sluggish market overall.
MediaTek released an advanced chip ahead of Qualcomm, increasing its market share to 40%, surpassing Qualcomm's 23%.
Chinese stocks showed mixed performance; stimulus-induced rallies were followed by dips in indices like the Shanghai Composite and Hang Seng.

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Who’s Who

MediaTek Inc.: MediaTek Inc. is a top mobile chipmaker competing with Qualcomm Inc. in the smartphone chip market. They recently launched the Dimensity 9400, a cutting-edge chip built on a 3-nanometer process, ahead of Qualcomm's next-generation release. As of early 2024, MediaTek held a 40% global market share in smartphone chipset shipments, surpassing Qualcomm's 23%.

Qualcomm Inc.: Qualcomm Inc. is an American company competing with MediaTek Inc. in the smartphone chip market. MediaTek recently released its Dimensity 9400 chip built on a 3-nanometer process, ahead of Qualcomm's next-generation flagship chip set to be introduced on October 22. As of the first quarter of this year, Qualcomm holds a 23% share of the global smartphone chipset market, eclipsed by MediaTek's 40%.

ByteDance Ltd.: ByteDance Ltd. has entered the wearable tech market, launching AI-integrated wireless earphones called Ola Friend. These earphones connect users to ByteDance's AI app powered by the Doubao large language model. This move provides ByteDance with an additional hardware offering and a new avenue to commercialize AI technology.

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