Feb 12, 2022 04:53 AM

ECONOMY

China’s Sales of Land-Use Rights Plunge, Squeezing Local Government Budgets

By Cheng Siwei and Denise Jia

Local government financing vehicles have replaced cash-strapped property developers as the biggest buyers of land across China.

Local government financing vehicles have replaced cash-strapped property developers as the biggest buyers of land across China.

Multiple provincial-level regions in China suffered dramatic declines in sales of land-use rights last year as cash-strapped property developers curtailed bidding amid tight credit policies.

Among the provinces and provincial-level regions that reported land sales data for 2021, Yunnan, Hebei, Guangdong, Jiangxi and Fujian provinces and the Chongqing provincial-level municipality recorded lower revenue from land auctions compared with 2020.

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