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Land transfer income grows at slow pace
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GIVEN the sluggish performance of the property market, China’s land transfer income grew at a slower pace last year compared with a more than 40 percent increase a year ago, the Ministry of Finance said yesterday.
In 2014, the total land transfer income edged up 3.1 percent to 4.29 trillion yuan (US$692 million), the ministry said in a statement on its official website.
The slowdown of investment also weakened demand for industrial and commercial land, resulting in less land transfer deals in the past year, it added.
Starting from the second quarter of last year, investment in property cooled down and so did sales of residential housing.
Regionally speaking, land transfer revenue in western and central China dropped, while in eastern China, income was up 7 percent to 2.46 trillion yuan.
The volume of land transfer dropped 25.9 percent to 2,718 square kilometers, with residential land transfer falling 26.1 percent.
The amount of land transfer income used for compensation for land owners or farmers or early stage development made up 82.4 percent of total land related expenditure, which was up 0.8 percent from a year ago to 4.12 trillion yuan.
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