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Thematic (Sector/Industry)

China Real estate / Thematic (Sector/Industry)

<ul><li>A dramatic reduction in the value of land purchases by state firms at an auction in the Jiangsu province trade hub of Wuxi this week suggests the noose could be tightening</li><li>It came after China’s Ministry of Finance banned local authorities from using their own state-owned enterprises (SOEs) to inflate their revenue from land sales</li><li>This year, local government income from land sales has plummeted in the wake of the property sector’s crisis of liquidity and confidence, tumbling 28.5% year-on-year in the first eight months, compared with a 12.1% increase in the same period last year.</li></ul>

A dramatic reduction in the value of land purchases by state firms at an auction in the Jiangsu province trade hub of Wuxi this week suggests the noose could be tighteningIt came after China’s Ministry of Finance banned local authorities from using their own state-owned enterprises (SOEs) to inflate their revenue from land salesThis year, local government income from land sales has plummeted in the wake of the property sector’s crisis of liquidity and confidence, tumbling 28.5% year-on-year in the first eight months, compared with a 12.1% increase in the same period last year.

Local SOEs Slow Land Purchases After Finance Ministry’s Warning on Inflating Revenue