Citizens talk with the real estate sales assistant in Huaian, Jiangsu province, on March 22, 2020. [Photo by Zhao Qirui/for China Daily]

Land sales in 50 Chinese cities totaled 1.6 trillion yuan during the first five months, an increase of 12 percent year-on-year, China Securities Journal reported on Friday.

In 27 cities, land sales surpassed 20 billion yuan, and 44 pieces of land sold for over 2 billion yuan.

Land sales in Beijing, Hangzhou and Shanghai broke the hundred-billion-yuan point,at 113 billion, 109.7 billion and 101.55 billion yuan, respectively.

The planning floor areas in 23 cities surpassed 10 million square meters, and the figure in Chengdu, Chongqing and Suzhou exceeded 20 million square meters. In Beijing, planning floor areas reached 3.56 million square meters, with an average premium rate of 18.61 percent.

Land sales are conductive to stabilize the real estate market and shore up confidence, said the news portal, citing an industry insider.

Currently, China's top 100 developers have bought lands with value of 42 trillion yuan, and figures in the top 10 reached 18 trillion yuan.

From this year, developers have high enthusiasm for financing, aiming to ease cash flow pressures, repay matured debts and purchase lands.

By May 27, developers' financing by bonds continues to boom, with the figure reaching 307.6 billion yuan, a rise of 25 percent year-on-year.