In 2023, Shanghai received more than 220 billion yuan in land transfer fees. As China's most prosperous city, Shanghai's real estate market remained one of the most vibrant in the country. Other economic hubs such as Guangzhou, Beijing, and second-tier cities such as Hangzhou, Wuhan, and Suzhou also generated high incomes from land transfers.
The reliance of local authorities on land transfer incomes led to the so-called “Land Finance” in China. Since the housing reform of 1998, the real estate sector developed substantially and became one of the pillar industries of the Chinese economy. Although measures were taken to mitigate the price rises, the average cost of real estate multiplied since 2000, and housing in certain regions became exceptionally unaffordable for residents.
Land transfer revenue generated by leading cities in China in 2023
(in billion yuan)
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Tencent. (January 15, 2023). Land transfer revenue generated by leading cities in China in 2023 (in billion yuan) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1311033/china-cities-with-the-highest-land-transfer-revenue/
Tencent. "Land transfer revenue generated by leading cities in China in 2023 (in billion yuan)." Chart. January 15, 2023. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1311033/china-cities-with-the-highest-land-transfer-revenue/
Tencent. (2023). Land transfer revenue generated by leading cities in China in 2023 (in billion yuan). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1311033/china-cities-with-the-highest-land-transfer-revenue/
Tencent. "Land Transfer Revenue Generated by Leading Cities in China in 2023 (in Billion Yuan)." Statista, Statista Inc., 15 Jan 2023, https://www.statista.com/statistics/1311033/china-cities-with-the-highest-land-transfer-revenue/
Tencent, Land transfer revenue generated by leading cities in China in 2023 (in billion yuan) Statista, https://www.statista.com/statistics/1311033/china-cities-with-the-highest-land-transfer-revenue/ (last visited November 21, 2024)
Land transfer revenue generated by leading cities in China in 2023 (in billion yuan) [Graph], Tencent, January 15, 2023. [Online]. Available: https://www.statista.com/statistics/1311033/china-cities-with-the-highest-land-transfer-revenue/