| Beijing's land sales income to drop 30% in 2012 |
| Last Updated(Beijing Time):2012-02-07 15:54 |
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Beijing's income from land sales is expected to fall to 90 billion yuan ($13.6 billion) this year, a 30 percent drop from last year's 123.4 billion yuan, the municipal finance bureau said Tuesday. This would make it the lowest land sales income on record, the bureau said.
The continuous drop in Beijing's revenues from land sales is largely due to the government's rigorous real estate measures, which include restricting the number of homes a family can purchase and higher down payments for second home purchases.
In 2011, Beijing's land sales fell 30 percent from 2010's 176 billion yuan, according to statistics from the finance bureau. |
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