BEIJING -- China's central government is cracking down on local authorities' use of public investment vehicles to pad thinning revenue from land sales, a practice that is leaving many regions with ballooning off-the-books debt.
China debt crunch
China bans paper land deals that drive up hidden local debt
Localities could see fiscal freeze worsen without sales to investment vehicles
Developers have had little appetite to buy land rights from local governments as the housing market has chilled. (Photo by Iori Kawate)
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