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 have amounted to RMB 1.37 trillion ($0.20 trillion) in the current year up to May 20, up 9.3 percent year on year, as announced by Centaline Group, a Shanghai-based real estate research institute.
In particular, among all cities, Hangzhou city in Zhejiang Province recorded the highest volume of revenues from sales of public land by local government to real estate developers, reaching RMB 112.9 billion ($16.3 billion) for the given period.