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 3.57 trillion ($0.51 trillion) in the current year up to November 18, up 17.4 percent year on year, as announced by Centaline Group, a Shanghai-based real estate research institute.
In particular, there were 12 cities whose revenues from sales of public land exceeding RMB 100.0 billion ($14.3 billion), reaching the highest historical level for the given period.
Hangzhou, Suzhou and Shanghai were listed as the top three cities, with revenues from sales of public land of RMB 247.4 billion ($35.3 billion), RMB 164.1 billion ($23.4 billion) and RMB 158.7 billion ($22.7 billion), respectively.
However, in the third quarter of the year, a series of tighter financial policies for the real estate market negatively affected the land market. Land transactions in the first-tier and second-tier cities have slowed down.
Analysts in the real estate market said that, though regulatory policies in the first-tier and second-tier cities are stricter, real estate enterprises are still willing to buy land in those cities as the real estate market in the third-tier and fourth-tier cities is slacker.