Zhejiang province is the most dependent on land sales among 23 Chinese regions and cities, Economic Weekly reported Tuesday, citing official data.
The coastal province had the country’s highest land dependence ratio at 66.27 percent, followed by Tianjin, Fujian and Hainan.
Dependence ratio measures the proportion of land sales revenue used to repay loans to total debt. Shanxi province had the lowest ratio at 20.67 percent.
Chongqing, Beijing, Jiangxi province, Shanghai, Hubei and Sichuan rounded out the top 10.
Beijing had the highest amount of land sales for debt repayment at 360.13 billion yuan (US$57.88 billion), followed by Zhejiang at 273.94 billion yuan and Shanghai at 222.26 billion yuan, the report said.
Local governments have been aggressively selling land to boost domestic product growth while the Central government has used land financing to drive the economy, causing a massive expansion in the property market in the past 20 years, the report said.
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