BEIJING -- Revenue from the sale of land-use rights in China, a critical source of income for local governments, fell by 13.2% in 2023 as the country's deep real estate recession hit municipal finances hard.
Economy
China's land revenue falls 13% in hit to local governments
2023 marks second straight year that critical source of income falls
A decline in new condominium development in China stemming from slumping sales has put a dent in local land-use rights transactions. (Photo by Iori Kawate)
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