China’s revenue from government land sales down 18.3% year on year

China’s government posted an extended decline in land sales revenue in the first half of 2024, finance ministry data showed on Monday.

Revenue from government land sales fell 18.3% year-on-year, compared with a 14% drop in the first five months of the year.

Land sales, a key barometer tracking property sector momentum and local fiscal conditions, have fallen sharply since 2022 amid a prolonged property crisis and a sluggish economic growth.

Source: REUTER