From January to November, the total volume of land transfer in China's 130 cities has decreased to 1.7 trillion yuan (US$267.72 billion), falling by 30.85 percent compared to the same period last year, according to latest figures from Centaline Property.

As one of the biggest real estate agencies in China, the company said that the number of land transfers reached 24,200, totaling 1.085 billion square meters. The number of land deals for housing was 7,476, adding up to 391 million square meters.

Another report from Soufun.com showed that home transactions in 13 cities dropping by 10 to 30 percent in October, while transactions in 11 other cities skidded further to as high as 50 percent. Only three cities – Suzhou in Jiangsu Province, Tangshan in Hebei Province and Jinan in Shandong Province – managed to post positive numbers.

Of the country's four gateway cities, Beijing and Shanghai saw transactions increase last month from October, while Guangzhou and Shenzhen registered drops.