China housing reform worsens land sale crisis

The article explains that the cancellation of a land sale auction in Beijing, which was expected to generate over a billion dollars in revenue, reflects the deterioration of China's real estate market and the impact of recent reforms on land sales. Due to the new policies, land sales have declined by as much as 36% in some cities, with forecasts predicting a reduction in local governments' income from these sales by up to 90% by 2027. Additionally, restrictions on pre-financing for developers have led to weakened demand for land, especially large parcels with high value, thereby increasing pressure on the Chinese economy and threatening the traditional revenue sources of local governments.

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