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Recent Policy Support Could Stabilise Declining Land Sale Revenue

CHINA PRESS
MNI (BEIJING)
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Government real-estate support may stabilise declines in local-government land sale revenue in H2, after falling 21% in April y/y, according to Luo Zhiheng, chief economist at Yuekai Securities. Zhao Wei, chief economist at Guojin Securities, said fiscal intensity in H2 depended on land sale revenue performance, but analysts needed time to assess the impact of recent policy support. Looking ahead, government expenditure will benefit from increased issuance of special bonds and ultra-long-term bonds in May and June, Zhao added.

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Government real-estate support may stabilise declines in local-government land sale revenue in H2, after falling 21% in April y/y, according to Luo Zhiheng, chief economist at Yuekai Securities. Zhao Wei, chief economist at Guojin Securities, said fiscal intensity in H2 depended on land sale revenue performance, but analysts needed time to assess the impact of recent policy support. Looking ahead, government expenditure will benefit from increased issuance of special bonds and ultra-long-term bonds in May and June, Zhao added.