Analysis: $1. 3 billion in land sales fall in China to local finances and the economy.


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By Ryan Woo and Liangping Gao BEIJING (Reuters) – The drop in china’s call for urban land auctions amid a crackdown on borrowing through personal developers is likely to squeeze regional finance, pressuring local governments to seek select resources of profit to finance investments and the economy. Land sales rose to a record 8. 4 trillion yuan ($1. 3 trillion) in 2020, equivalent to Australia’s annual gross domestic product, boosting fiscal budgets in a pandemic year. But stricter regulations on the indebtedness of personal developers since the summer of last year are eroding demand for land. biggest drop since February...