Local government land sale revenues in 50 Chinese cities up 17% in Jan-Sept

Friday, 09 October 2020 13:43:47 (GMT+3)   |   Shanghai

Revenues from sales of land by local governments to real estate developers in 50 major cities in China exceeded RMB 2.96 trillion ($0.44 trillion) in the January-September period this year, up 17 percent year on year, according to the research center of Centaline Group.

In particular, revenues from sales of land in Shanghai and Hangzhou exceeded RMB 200 billion ($29.5 billion), while the revenue figures in Beijing, Guangzhou, Nanjing and Wuhan exceeded RMB 100 billion ($14.75 billion).

Zhang Dawei, chief analyst of Centaline Group, said that real estate developers’ willingness to acquire land gradually improved due to the economic recovery and ample funds. He also stated, although overall land prices have not risen, land prices in some cities have reached historically high levels.

$1 = RMB 6.7796

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