CHINA JAN.-MARCH GOVT LAND SALES INCOME FALLS 24.4% Y/Y: MOF

China's government land sales revenue declined 24.4% year-on-year during January-March, according to the Ministry of Finance, signaling continued weakness in local government non-tax revenues amid a prolonged property sector downturn. The drop reflects diminished developer demand for land parcels due to overhang in unsold inventory, tighter credit conditions, and cautious investment sentiment, transmitting stress through the local fiscal channel. This revenue shortfall increases pressure on local governments to refinance existing debt or seek alternative funding, potentially amplifying fiscal strains in lower-tier cities most reliant on land sales. The weakening land income also dampens near-term prospects for construction-related commodity demand and regional infrastructure spending. Traders will watch the upcoming 70-City home price index and property investment data for further confirmation of stabilization efforts in the housing market.

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