China's land revenue falls 13% in hit to local governments
BEIJING -- Revenue from the sale of land-use rights in China, a critical source of income for local governments, fell by 13.2% in 2023 as the country's deep real estate recession hit municipal finances hard.
The data, released Thursday by China's Finance Ministry, shows that sales dipped to their lowest since 2017. Sales declined for a second consecutive year for the first time since 2012, the earliest data available.