What is the relationship between local government finances and the real estate industry?
"There are numerous industries tightly linked with real estate, just as the finances of local governments are deeply intertwined with it. This ties back to a tax reform in the 1990s, which delineated what revenues could be collected and retained at local levels versus what would be handled centrally. This is likely why many local governments have been selling land for over two decades—to finance urban development and other needs. Particularly during the pandemic, when expenditures surged due to health measures, the inability to sell land amid stagnant industry growth creates a significant debt issue. Essentially, they need to secure funds from somewhere to cover these costs and maintain services." - Jianggan Li, Founder & CEO of Momentum Works
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