China Local Land Sales Fall Just as Beijing Calls for Spending
- At least 23 of 31 provinces saw revenue fall in 2021 from 2020
- Top leaders want faster fiscal expenditure to drive growth
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Most Chinese local governments saw revenue from land sales fall in 2021, damaging their budgets just as Beijing calls for faster spending to counteract a housing-market slowdown and pull the economy out of a downturn.
Thirteen of China’s 31 provinces saw income from selling land-use rights drop more than 20% in 2021 from a year earlier, Tianfeng Securities Co. analysts including Sun Binbin wrote in a note Wednesday. That includes Xinjiang, Helongjiang and the other two provinces in the northeast, and Shanxi in the north.