A report released by China Index Academy, a domestic real-estate research institute, said China's total land-transferring fees reached RMB1.5 trillion in 2009, Xinhua reported Saturday.

Hangzhou, Shanghai and Beijing had the highest land-transferring fees. The report said selling land has become a major source of revenue for local governments. Beijing, for example, made about half of its revenue from land-transferring fees.

Editor: Lency

Source: China Daily