As of Tuesday, November 22, Beijing's land transferring fees have amounted to 100.448 billion yuan (15 billion U.S. dollars) with an increase of 57.2 percent over the same period last year, the Beijing Times reported.
Despite the harshest real estate regulations in the country's history, almost all the major Chinese cities have witnessed the significant growth of land transferring fees this year, the report said, citing information from China Index Research Institute.
Among these cities, Shanghai ranked first with the biggest land transfer income, nearly 137 billion yuan (20.6 billion U.S. dollars), followed by Beijing, with Dalian in northeast China's Liaoning Province coming in third.
In regard to the increases, Dalian topped the list with the largest rise of about 297.75 percent year-on-year.
"The base land prices have increased quickly," said an insider, "The base price of land in suburban Beijing, for instance, has nearly reached the area's average transaction price for last year."
The sharply rising demolition cost is one of the reasons for the increase of land prices in the country, he added.
If 12 plots of land in the Central Business District (CBD) of Beijing are transferred within the next few days, the city's land transferring fees are expected to exceed 130 billion yuan (19.55 billion U.S. dollars) by the end of this year, according to the report.
