27 provinces disclosed last year's land sales revenue, and many places are expected to stop falling and stabilize this year.

Due to the continued downturn in the real estate market, national government-owned land use rights transfer revenue showed an overall decline in 2025, but there are still differences between provinces. According to a research report released by Guangfa Securities on April 7th, based on public data from various local finance departments, out of the 31 provinces in the country, except for Shanxi, Inner Mongolia, Liaoning, and Tibet, 27 provinces disclosed their land transfer revenue for 2025. Among them, Yunnan, Gansu, Ningxia, Xinjiang, Heilongjiang and five other provinces saw an increase in land transfer revenue last year, while the remaining 22 provinces experienced a decline.