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 313.0 billion ($48.8 billion) in May, up 111.5 percent year on year, as announced by Centaline Group, a Shanghai-based real estate research institute.
In the January-May period of the current year, 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 totaled RMB 1.5 trillion ($0.23 trillion), increasing by 57.6 percent year on year.