As China's local governments struggle to increase their fiscal revenue, many have decided to scrap some controls on the price of land, traditionally a key contributor to their coffers, in an effort to kick-start sales that dropped 21% year on year by value in the first half of last year after a 23% slump in 2022.
From October to December, at least 17 of 22 major cities had abolished price ceilings on residential land sold at local government auctions, according to real estate data provider China Index Holdings (CIH), including the second-tier cities of Chengdu, Jinan, Hefei and Xiamen.
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