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China debt crunch

China faces first drop in local land-use sales since 2015

First-half decline of 31% limits funding to boost sluggish economy

Housing construction has slumped in China as tighter restrictions crimp developers' access to funding.   © Reuters

BEIJING -- China's local governments are on track for the first decline in annual revenue from sales of land use rights since 2015, dimming Beijing's hopes of shoring up a sagging economy with public works projects.

Sales for the first half of 2022 sank 31% on the year, China's Finance Ministry reports.

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