In the January-April period of the current year, revenues from sales of land by local governments to real estate developers in 50 major Chinese cities amounted to RMB 1.085 trillion ($0.17 trillion), up 12.5 percent year on year, according to the research center of Centaline Group, a Shanghai-based real estate research institute.
In particular, in the first four months this year, revenues from sales of local government land in 32 cities, including Hangzhou, Shanghai, Chengdu, Beijing, Ningbo and Nanjing, exceeded RMB 10 billion ($1.55 billion).