Beijing sees 48% plummet in land transfer fees
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Chinadaily.com.cn, July 20, 2011
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Land transfer fees in 130 Chinese cities totaled 752.4 billion yuan ($116.54 billion) in the first half of this year, down 5.5 percent year-on-year, the Beijing Times reported Wednesday, citing data from the China Index Academy.
Land transfer fees in Beijing decreased the most - down 48.32 percent from the same period last year to 32.67 billion yuan.
Zhang Yue, the chief analyst of Homelink, a Beijing-based real estate agency, said the decline of land transfer fees reflected the effect of the government's adjustment and control policy on the property industry, which made developers more prudent to purchase land.
China claimed 2.7 trillion yuan in land transfer fees last year.
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