China Land Sale Revenue Falls 30.8% in First Seven Months of 2026

In the first seven months of 2026, China's state-owned land transfer revenue fell by more than 30% year on year. Data released by the Ministry of Finance on August 21 showed that from January to July 2026, national government fund budget revenue totaled RMB 1,821.9 billion, a year-on-year decline of 21.2%. Within that total, central government fund budget revenue reached RMB 277.2 billion, up 6.8% year on year, while local government fund budget revenue at the local level was RMB 1,544.7 billion, down 24.8%.

Within local government fund budget revenue, state-owned land use rights transfer income amounted to RMB 1,173.1 billion, a decline of 30.8% year on year. Earlier data released by the Ministry of Finance on July 22 showed that in the first half of 2026, land use rights transfer income was RMB 977.8 billion, down 31.5% year on year. Land transfer revenue was once a key source of local government finance, but since mid-2021 the prolonged downturn in the real estate market has continuously weakened land demand and reduced land sale receipts.