Local government land sale revenues in 300 Chinese cities up 16% in 2020

Thursday, 18 February 2021 13:57:30 (GMT+3)   |   Shanghai

Revenues from sales of land by local government to real estate developers in 300 cities in China amounted to RMB 7.43 trillion ($1.15 trillion) in 2020, up 16 percent year on year, 2.0 percentage points higher than the year-on-year rise of 14 percent in 2019, as announced by CRIC, a real estate research institute of E-House, a Shanghai-based real estate transaction service provider.

In China, the increasing supply of quality land in first-tier cities and the loosening financial environment in the first half of the given year contributed to the rises in revenues from sales of land. In 2020, the area of land sold in first-tier cities in China rose by 31 percent year on year, while the area of land sold in second-tier cities increased by five percent year on year.

$1 = RMB 6.4536

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