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 4.41 trillion ($0.63 trillion) in 2019, up 19.33 percent year on year, as announced by Centaline Group, a Shanghai-based real estate research institute.
In particular, there were 16 cities whose revenues from sales of public land exceeded RMB 100.0 billion ($14.3 billion). Hangzhou, Shanghai and Guangzhou were listed as the top three cities, with revenues from sales of public land amounting to RMB 283.6 billion ($40.7 billion), RMB 199.2 billion ($28.6 billion) and RMB 186.4 billion ($26.7 billion) respectively.
Analysts in the real estate market have indicated that, against the backdrop of the sluggish real estate market, the land market has shown a similarly slack performance, though it is expected to improve in the coming period as some cities in China have started to adjust their policies in order to attract more people to come to their cities to work, which will exert a positive impact on the land and real estate markets.