Chinese government land sales fell significantly through 2021, reversing a six-year streak of gains, as a cash crunch gripped the country’s most indebted developers and worsening local governments’ debt stress.
Land sales in 2021 declined over 20 percent on average from a year earlier, with a deeper fall in the main development force of second- and third-tier cities, where sales shrank 25 percent, according to a report released Wednesday by China Real Estate Information Corp (CRIC), which tracks auctions across 300 Chinese cities.
