Cities receiving the highest land transfer fees in China 2023

In 2023, Shanghai received more than 220 billion yuan in land transfer fees. As China's most prosperous city, Shanghai's real estate market remained one of the most vibrant in the country. Other economic hubs such as Guangzhou, Beijing, and second-tier cities such as Hangzhou, Wuhan, and Suzhou also generated high incomes from land transfers. High dependency on land transfer revenuesMany city administrations in China are increasingly dependent on land transfer revenues. In 2021, 12 major Chinese cities’ annual land transfer fee revenue was higher than their local general public budget revenue. This trend is mainly caused by the increasing expenditure and a lack of tax autonomy of regional governments, as well as the inability of many provincial cities in generating income through other means. An unaffordable housing marketThe reliance of local authorities on land transfer incomes led to the so-called “Land Finance” in China. Since the housing reform of 1998, the real estate sector developed substantially and became one of the pillar industries of the Chinese economy. Although measures were taken to mitigate the price rises, the average cost of real estate multiplied since 2000, and housing in certain regions became exceptionally unaffordable for residents.

于2023年，上海收取超过2200亿元人民币的土地转让费。作为中国最繁华的城市，上海的房地产市场依然保持着全国最活跃的水平。其他经济中心如广州、北京，以及二线城市如杭州、武汉、苏州等，亦从土地转让中获取了高额收入。众多城市行政机构对中国土地转让收入的过度依赖日益凸显。2021年，中国12个主要城市的年度土地转让费收入甚至超过了其地方一般公共预算收入。这一趋势主要源于地方政府支出增加、税收自主权不足，以及众多省级城市难以通过其他途径创造收入。此外，住房市场的不可负担性亦日益加剧。地方当局对土地转让收入的依赖导致了所谓的‘土地财政’现象。自1998年住房改革以来，房地产行业得到了显著发展，并成为中国经济的支柱产业之一。尽管采取了缓解价格上涨的措施，但自2000年以来，房地产的平均成本成倍增长，某些地区的住房对居民而言已变得格外难以承受。