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People's Daily Online>>China Business

Land sales forecast to earn lower revenue

By Hu Yuanyuan (China Daily)

14:35, February 08, 2012

A construction site near the Oriental Pearl TV Tower in Shanghai. Revenues from land sales in Shanghai and Beijing are expected to decline this year, since there is no sign that curbs on the property market will ease. (China Daily Photo)

Beijing home prices fell in January by 21.3 percent from month before

BEIJING - Beijing's revenue from land sales is expected to drop by 30 percent once again this year to hit 90 billion yuan ($13.6 billion) as the city's property market cools down as a result of continuous tightening measures.

If that prediction comes true, the city will see its worst year on record for raising revenue from land sales, the local bureau of finance said.

In 2011, the value of Beijing land sales fell by 30 percent to hit 123.4 billion yuan, according to statistics from the local bureau of finance. The year before, it had been 176 billion yuan.

Shanghai has likewise lowered its prediction for the revenue it will take in from land sales this year. The city expects to obtain 125 billion yuan from that source in 2012, down 16.2 percent from the year before, according to the local bureau of finance.

The continuous fall is being attributed largely to the government's measures to cool the real estate market, including restricting the number of homes a family can buy and insisting that higher downpayments be made on home purchases.

China Index Academy, a Beijing-based real estate consultancy, reported that the revenue raised from land sales in the 300 large Chinese cities that it monitors dropped by 67 percent in January from a year before.

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