Meanwhile, average residential land prices, even in the big cities, also continued to decline, but at a slower rate than in recent years.

This included a 15-yearlong residential land bank but no decent housebuilding business, small retail assets not generating much income and a growing debt pile.

It also sold 54 acres of residential land to housebuilders for 56 million and plans to sell a similar amount this year.

It said it would instead use the funds to take advantage of cheaper residential land by buying sites.

The township's master plan shows that it consists mostly of agricultural and residential land.