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Prominent developers like Vanka, US Shi, and China Resources are some of the key players involved in this development. Historically, developers fiercely competed to acquire land, often paying record prices for prime plots. The unexpected decision to return these lands has sparked nationwide debate, raising questions about the stability and direction of the real estate sector.
Case Studies: Notable Land Returns
One notable case involves US Shi, which returned five plots in Guangzhou in late 2024, valued at more than 13.5 billion RMB. As local governments grapple with significant debts due to declining land sale revenues over the past few years, the growing number of land returns exacerbates their struggles.