Revenues from sales of public land by local government to real estate developers in the 50 most-active cities in China in terms of such land sales amounted to RMB 776.08 billion ($122.8 billion) in the current year up to March 20, up 60.2 percent year on year, as announced by Centaline Group, a Shanghai-based real estate research institute.
In particular, the three cities with the highest revenues from sales of public land in the given period were Hangzhou in Zhejiang Province, Beijing, and Suzhou in Jiangsu Province, with their revenues from sales of public land amounting to RMB 65.4 billion ($10.4 billion), RMB 57.3 billion ($9.1 billion) and RMB 50.6 billion ($8.0 billion), respectively, up 285 percent, up 353 percent and up 153 percent, year on year.