Revenues from sales of public land by local government to real estate developers in 300 cities in China amounted to RMB 254.988 billion ($36.4 billion) in January this year, down 19.74 percent year on year, as announced by the China Index Academy, a Beijing-based real estate research institute.
At the beginning of this year, real estate developers issued bonds especially to overseas buyers to raise funds, aiming to achieve good performances in the real estate market. However, due to the outbreak of the coronavirus, real estate developers, especially state-owned ones, have been requested to contribute to efforts to overcome the crisis: for instance, to ensure relevant logistics and property management services. Moreover, most real estate developers have delayed the date of their return to work after the long holiday.
Market analysts in real estate market forecast that the land market in China in the first quarter this year will be very quiet, while the performance in the second quarter will depend on the financial situation of the real estate developers.