In the first quarter, China's local government land sales revenue amounted to 872.8 billion yuan ($126.8 billion), a 27% year-on-year decline following a 27.4% decrease in the same period last year, Ministry of Finance data show. This highlights the concerns behind the sustainability of 'land finance' — the part of public finances related to local governments' sale of land-use rights, which has played a huge role in fiscal operations for more than two decades.

https://www.caixinglobal.com/2023-05-09/opinion-how-china-can-cushion-the-blow-from-falling-land-sales-revenue-102050519.html

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