Revenues from sales of land by local government to real estate developers in 300 cities in China amounted to RMB 2.3716 trillion ($0.33 trillion) in the January-June period of this year, up three percent year on year, as announced by the China Index Academy, a Beijing-based real estate research institute.
In particular, revenues from sales of land by the local government in Hangzhou, Zhejiang Province, exceeded RMB 150 billion ($21.2 billion), with Hangzhou continually ranking in first place in terms of such revenues among the 300 cities in question over the past three years.
$1 = RMB 7.0795