BEIJING -- Chinese revenue from selling land use rights dropped 38% on the year in April, marking its largest decrease in over six and a half years as the country's zero-COVID policy weighs on the economy.
Land in China is state-owned, with local governments selling usage rights to real estate developers. With stimulus measures eating up more tax revenue, local governments are becoming more reliant on the sales, which reached a level equivalent to around 50% of tax revenue in 2021.
