China's 300 largest cities collected ¥89.59 billion from land auctions in January, down 67% from a year ago, with eight out of the top 10 cities witnessing huge falls, statistics from the China Index Academy show.

The proceeds from land taken for residential development plummeted 4% year on year to ¥53.24 billion last month.

The Shanghai government plans to take in ¥125 billion from land auctions this year, down 16.2% from 2011, and the Beijing government forecasts the number to tumble 30% to ¥90 billion this year.

Top 10 Cities by Land Auction Proceeds, ¥ billion:

City / Jan 2012 / Jan 2011/ Growth

1 Wuhan, Hubei: 15.29 / 6.18 / +147.4%
2 Shanghai: 3.76 / 15.01 / -74.9%
3 Suzhou, Jiangsu: 2.99 / 29.44 / -89.9%
4 Dalian, Liaoning: 2.87 / 0.11 / +2,459.4%
5 Hangzhou, Zhejiang: 2.7 / 14.27 / -81.1%
6 Ningbo, Zhejiang: 2.32 / 4.14 / -44%
7 Shenyang, Liaoning: 2.26 / 3.27 / -30.9%
8 Tianjin: 2.24 / 8.86 / -74.7%
9 Beijing: 2.19 / 6.15 / -64.3%
10 Changsha, Hunan: 2.17 / 10.61 / -79.5%

$1 = ¥6.29

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