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Stock impact report

China's Local Entities Splurge on Land Shunned by Developers [BNN Bloomberg (Canada)]

China Index Holdings Limited - American Depository Shares (CIH) 
Company Research Source: BNN Bloomberg
Local government financing vehicles, or LGFVs, snapped up more than half of residential land sales last year, spending 2.2 trillion yuan ($324 billion), according to a tally by Guangfa Securities Co. last week. “LGFVs and national state-owned developers have dominated the land market,” said Liu Shui, research director at China Index Holdings. “National private players have almost vanished from land buying under liquidity pressure.” The trend has helped to shore up the finances of local governments that rely on land sales for much of their revenue. But it has also stoked concerns that municipalities are using LGFVs to support land values, while adding to debts of the entities and raising questions over prospects for developing the sites as housing demand plummets. Antan Credit Rating Co., a firm based in Hubei province, said in a note last month that 79% of the land LGFVs bought at auctions was at the reserve price, suggesting that the transactions were mainly intended to preven Show less Read more
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