Revenues from sales of land by local government to real estate developers in 300 cities in China amounted to RMB 4.0123 trillion ($0.617 trillion) in 2017, up 36 percent year on year, as announced by the China Index Academy on January 2, a Beijing-based real estate research institute.
In particular, revenues from sales of land for residential purposes in 300 cities in China accounted for 82 percent of the total land sale revenues in question in 2017, up four percentage points compared to 2016.