Beijing ranks top across the country for the highest amount of debt repaid through revenue from land sales among province-level regions. Zhejiang took the prime spot as the province with the most debt backed by finances from land sales, reports the Beijing-based Economic Information Daily.

Of the 23 provinces in the cited study, six rely on land sales to repay more than more than 50% of their debt, with Zhejiang at 66.27%, followed by Tianjin, Fujian, Hainan and Beijing.

While Zhejiang and Guangdong are the two most developed areas for private enterprise in the nation, the former's debt is heavily backed by an unstable, highly volatile form of repayment, while Guangdong's debt backed by land sales comes in at a cool 26.99%.

Guangdong percentage's is lower because the province has a well-developed real economy, especially in manufacturing, said the report. Using land sales to repay debt is just one supplement for its economic development and Guangdong is able to hold onto its capital, which prevents it from becoming hollowed out.

In contrast, Zhejiang's real economy looks like an empty shell. The city of Wenzhou is a prime example of how the booming property industry has led to a massive investment bubble. The property investment craze has attracted a large amount of capital away from the real economy and left the province in serious danger of collapse.

Places with debt backed by a robust real economy, especially the manufacturing industry, will be far less affected by global financial fluctuations.