Local government land sale revenues in 300 Chinese cities down 16.4% in Nov 1-27

Local government land sale revenues in 300 Chinese cities down 16.4% in Nov 1-27

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Revenues from sales of land by local government to real estate developers in 300 cities in China amounted to RMB 474.5 billion ($72.6 billion) in the November 1-27 period this year, down 16.4 percent month on month, as announced by CRIC, a real estate research institute of E-House, a Shanghai-based real estate transaction service provider.

In China, the average land premium rate (the difference between the highest bids paid by property developers and the initially asked prices for land) in November 1-27 this year bottomed up to 14.7 percent, 2.5 percentage points higher than in the previous month. Moreover, the average land premium rate in the third-tier and fourth-tier cities indicated the biggest rise, up 3.4 percentage points month on month to 16.5 percent.

$1 = RMB 6.5362

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