BEIJING :China's government land sales slumped for a second month as demand from private developers further softened following tighter regulations on fresh borrowing, adding pressure on local authorities dependent on such auctions for income.
On average, land sales account for about a fifth of local government revenues each year. An extended slump would put a strain https://www.reuters.com/world/china/fall-chinas-13-trln-land-sales-test-local-finances-economy-2021-10-07 on their finances and investments. At the same time, heightened concern over the indebtedness of developers such as China Evergrande Group led Beijing in August last year to introduce the so-called"three red lines" - financial requirements that developers must meet. Developers who fail to meet the rules will not be able to get new bank loans.
"The credit environment has rapidly declined since June, and financing for developers has been particularly difficult," said Lu Wenxi, chief analyst at property agency Centaline.
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