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.
Economy
China land revenue plunges 38% in blow to local finances
Property developers defer new projects as zero-COVID policy takes toll
A condominium complex under construction in the city of Zhoukou. Housing demand has suffered in China, especially in regional cities. (Photo by Noriyuki Doi)
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