Revenues from sales of land by local governments to real estate developers in 50 major cities in China amounted to RMB 702.099 billion ($107 billion) in March this year, up 26 percent year on year, hitting a record high for a month of March, according to the research center of Centaline Group.
In particular, the revenues from sales of land by Shanghai municipal government totaled RMB 90 billion ($13.7 billion), which was the highest level among all cities, followed by Hangzhou with RMB 70.0 billion ($10.7 billion) and Guangzhou with RMB 30.0 billion ($4.6 billion).
$1 = RMB 6.5649