Revenues from sales of land by local government to real estate developers in 300 cities in China amounted to RMB 766.5 billion ($120.2 billion) in May this year, up 55 percent month on month, while up 36 percent year on year, as announced by CRIC, a real estate research institute of E-House, a Shanghai-based real estate transaction service provider.
In China, the average land premium rate (the difference between the highest bids paid by property developers and the initially asked prices for land) in May this year decreased to 16 percent, 8.0 percentage points lower than in the previous month.