The Sustainability of Urban Land Finance under the Background of Real Estate Deleveraging

Zhuoxiao Sun

doi:10.47297/wspceWSP2516-251911.20250906

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The Sustainability of Urban Land Finance under the Background of Real Estate Deleveraging

Volume 9, Issue 6

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The Sustainability of Urban Land Finance under the Background of Real Estate Deleveraging
The Sustainability of Urban Land Finance under the Background of Real Estate Deleveraging
School of Economics, Guangzhou College of Commerce, Guangzhou, Guangdong, 511363, China
Vol. 9, Issue 6, Pages: 58-62(2025)
Published：30 December 2025
DOI：10.47297/wspceWSP2516-251911.20250906
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Sun Zhuoxiao.The Sustainability of Urban Land Finance under the Background of Real Estate Deleveraging[J].Creative Economy,2025,09(06):58-62.
DOI：

Sun Zhuoxiao.The Sustainability of Urban Land Finance under the Background of Real Estate Deleveraging[J].Creative Economy,2025,09(06):58-62. DOI： 10.47297/wspceWSP2516-251911.20250906.

摘要

Abstract

This paper reviews the institutional origins of urban land finance

analyzes how real estate deleveraging reshapes land-market dynamics

and examines the fiscal stress now confronted by local governments. It further explores emerging reform paths that may help cities transition toward a more stable and diversified revenue system. The analysis suggests that while land finance will not disappear

its sustainability hinges on a gradual restructuring of fiscal incentives

governance practices

and the relationship between land assets and urban growth.

关键词

Keywords

references

Cai F. , & Wang M . ( 2022 ). Urban land markets and fiscal reform in China . Urban Studies , 59 ( 12 ), 2451 – 2470 .

Chen Z. , & Wen Y . ( 2021 ). Debt, land sales, and local government behavior . Journal of Economic Dynamics and Control , 129 , 104193 .

Ding C. , & Lichtenberg E . ( 2011 ). Land policy and urban development in China . Journal of Regional Science , 51 ( 2 ), 299 – 317 .

He C. , Qian H. , & Wong T . ( 2020 ). Fiscal stress and land finance reliance in Chinese cities . Cities , 105 , 102839 .

Liu Y. , & Zhao P . ( 2023 ). Real estate deleveraging and urban investment constraints . Habitat International , 133 , 102755 .

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