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Land sales income soars 60%
By George Chen |
February 3, 2010, Wednesday
|
Print Edition
Print Edition
CHINA'S local governments saw revenue from land sales rise more than 60 percent in 2009 as the country's property market surged, figures from the Ministry of Land Resource revealed yesterday.
Local governments generated 1.59 trillion yuan (US$233 billion) from the sale of 209,000 hectares of land in 2009. Of that, 103,000 hectares were sold to real estate developers, up 36.7 percent year on year.
Land sale revenue for property development hit 1.34 trillion yuan, accounting for 84 percent of the total.
The rebound in China's property market began in the second quarter of 2009 when average housing prices soared 23.5 percent from the previous year, according to the National Bureau of Statistics.
Housing prices in China's 70 large and medium-sized cities rose 7.8 percent in December from a year earlier, the fastest increase in 18 months, the bureau said.
Analysts, including Bao Zonghua, former chief of the Ministry of Housing and Urban-Rural Development's policy research center, last month said under the current distribution regime, land sale revenues go to local governments, giving them an incentive to sell land and to shy away from reining in housing prices.
Local governments generated 1.59 trillion yuan (US$233 billion) from the sale of 209,000 hectares of land in 2009. Of that, 103,000 hectares were sold to real estate developers, up 36.7 percent year on year.
Land sale revenue for property development hit 1.34 trillion yuan, accounting for 84 percent of the total.
The rebound in China's property market began in the second quarter of 2009 when average housing prices soared 23.5 percent from the previous year, according to the National Bureau of Statistics.
Housing prices in China's 70 large and medium-sized cities rose 7.8 percent in December from a year earlier, the fastest increase in 18 months, the bureau said.
Analysts, including Bao Zonghua, former chief of the Ministry of Housing and Urban-Rural Development's policy research center, last month said under the current distribution regime, land sale revenues go to local governments, giving them an incentive to sell land and to shy away from reining in housing prices.
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