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).