Local governments' proceeds from selling land-use rights (a government-fund-budget item), charted as cumulative paths overlaid by year. This is the core cash flow of the "land finance" model: developer land appetite → land sale proceeds → local infrastructure spending and LGFV debt service. That chain makes it the key series for watching how the property downturn erodes local finances — and forces the central government to lever up in their place.
Government Land Use Rights Transfer Revenue (国有土地使用权出让收入) is income earned by local governments from auctioning or selling land use rights, classified under the Local Government Fund Budget (地方政府性基金预算). It is the key indicator for land market activity and local government fiscal dependence on land sales.
Data notes: The MOF publishes cumulative year-to-date figures monthly. The chart overlays each year's cumulative path for easy comparison. Jan-Feb data is published together; Q1/H1/Q3 use special period names.
Trend: Land transfer revenue fell from a peak of 8.7 trillion yuan in 2021 to 4.15 trillion in 2025 — a cumulative decline of over 52% — reflecting the deep real estate adjustment and structural shift away from the "land finance" model.