Land Transactions: 10 Percent Of China's GDP

We spotted this statistic today via konaxis: Land Transactions amounted to a whopping 450 Billion USDs this past year alone, in China. Works out to approx 10 percent of Chinese GDP for 2010.

"Land and resources minister Xu Shaoshi says 2.7 trillion yuan ($470 billion) was spent on land transactions last year. His comments Friday were posted on the ministry's website.
He said the land transactions had resulted in uneven benefits and social conflicts.
Authorities have been trying to cool China's property market by discouraging investment buying that has helped drive prices out of reach for many city dwellers."