Caixin
Nov 26, 2022 03:43 AM
ECONOMY

China’s Cities Struggle to Complete Land Sale Plans

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 major cities in China will not be able to complete their annual land sale plans as cash-strapped property developers are still reluctant to bid despite of a raft of supportive government policies.

This year, 22 cities including Beijing, Shanghai and many provincial capitals planned to offer 31,814 acres of land for centralized auction, but only 55% of the property has been sold with a little more than a month left in the year. Chinese municipalities generate a significant share of their annual budgets from the sale of land-use rights.

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