China's January-October Land Sale Revenues Fell by 22.9% Year-on-Year

According to data from the Ministry of Finance, the Chinese government's land sales revenue recorded a decline of 22.9% in the first ten months of 2024. The revenue from land sales for the first nine months of the year had decreased by 24.6%. Local governments in China have long relied on land sales to increase their revenues, but this source of income has shown a sharp decline since 2022 due to cash-strapped contractors reducing their land purchases.