China’s Local Land Sales Plunge Nearly 30% in First Two Months
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China’s local authorities saw their income from land sales contract almost 30% in the first two months of the year, showing how the continued housing slump is directly hurting government finances.
Revenue in Jan.-Feb. from selling the rights to use state-owned land fell 29.5% from a year ago to 792.2 billion yuan ($124 billion), according to Ministry of Finance data released Friday. That’s the biggest slump for the period since at least 2015 when comparable data begins.