Local government land sales revenues in China surge by 18% in 2020

Thursday, 07 January 2021 12:24:45 (GMT+3)   |   Shanghai

In 2020, revenues from sales of land by local governments to real estate developers in 50 major Chinese cities amounted to RMB 4.2058 trillion ($0.65 trillion), up 18 percent year on year, according to the research center of Centaline Group, a Shanghai-based real estate research institute.

In particular, revenues from sales of local government land in Shanghai, Hangzhou, Guangzhou and Nanjing exceeded RMB 200 billion ($31 billion), while in ten cities including Beijing, Wuhan, Ningbo, Foshan, Chengdu, Chongqing, Suzhou, Xi’an, Shenzhen and Tianjin such revenues exceeded RMB 100 billion ($15.5 billion).

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