Land sales in 130 major Chinese cities dropped 13 percent year on year in 2011, according to the China Index Academy.
Land premiums, which are major sources of financial revenues for many local governments, reached 1.86 trillion yuan ($295.2 billion) in 130 Chinese cities last year, the private real estate research agency said in a report on January 2.
The declines were attributed to squeezed liquidity conditions of developers and a bleak market in the midst of the government's tightening measures, including prohibiting purchases of third homes and raising down payment requirements. |