China's Revenue From Land Transfer Hit New High Amid Property Developers' Growing Demand
Ye Kai
DATE:  Jan 26 2018
/ SOURCE:  Yicai
China's Revenue From Land Transfer Hit New High Amid Property Developers' Growing Demand China's Revenue From Land Transfer Hit New High Amid Property Developers' Growing Demand

(Yicai Global) Jan. 26 -- Property developers' demand for purchasing land grew as the property market destocked excessive inventories, pushing China's total revenue from land transfer to surpass CNY5.2 trillion (USD822 billion) last year, setting a new high.  

Central government-managed funds budget grew 34.8 percent to CNY6.15 trillion last year, of which revenue from transferring the right to use state-owned land amounted to CNY5.21 trillion, up 40.7 percent year-on-year, according to financial revenues and expenditure data released by the ministry of finance yesterday.

All available data show strong momentum in China's land market last year.  According to another set of data on China's property development, investment and sales released by the National Bureau of Statistics, property developers purchased 255 million square meters of land in 2017, up 15.8 percent from a year earlier.

"It comes as no surprise because local governments increased supply of land and house sales boomed, resulting in property developers' growing demand for purchasing land," an expert in land market told Yicai Global.

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Keywords:   LAND,Sale,Revenue,REAL ESTATE,Market,Property Developer