China's January-August government land sales revenue down 28.6% Y/Y

China's ​government land sales revenue ​fell 28.6% ‌from a ​year earlier to 1.3753 trillion yuan ($205 billion) in ‌the first eight months of 2026, data from the finance ministry showed on Friday, narrowing ‌a 30.8% on-year drop in the January-July ‌period. Local governments, once highly dependent on land-use rights sales to developers, have seen this revenue source ⁠dwindle ​amid the ⁠real estate slump that began in mid-2021.

To support ⁠the property market, Beijing last month introduced a ​slew of measures including limiting housing presales ⁠and expanding maximum mortgage term from 30 to ⁠40 years. ​But Fitch Rating said the new rules should boost funding discipline and ⁠support project delivery, but are unlikely to improve ⁠housing ⁠demand materially. ($1 = 6.6971 Chinese yuan renminbi)