Feng, Yi;
Wu, Fulong;
Zhang, Fangzhu;
(2024)
Turning land into assets: Local government borrowing through land assetization in China.
Urban Geography
10.1080/02723638.2024.2439176.
(In press).
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Abstract
Local governments use state-owned land to raise massive funds to finance urban development in China. However, how is land formed and calculated as a financial asset? We aim to unpack the political-economic dynamics underpinning the phenomenon of turning land into a financial asset. Based on practices in Shanghai, Nanjing, and Jiaxing, this study provides a concrete account of how state-owned land is mobilized to secure funds by urban development corporations (chengtous) and the state itself through land reserve bonds. In either approach, the state manipulates asset formation and calculative techniques to achieve a favorable quantification of asset value. Therefore, the land is not a standard type of collateral but an extension of state credit. We contribute to the geography of assetization by arguing that land is turned into assets through state actions beyond being colonized by financialized techniques.
| Type: | Article |
|---|---|
| Title: | Turning land into assets: Local government borrowing through land assetization in China |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1080/02723638.2024.2439176 |
| Publisher version: | https://doi.org/10.1080/02723638.2024.2439176 |
| Language: | English |
| Additional information: | © 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent. |
| Keywords: | Land; assetization; state;financialization; China |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Planning |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10201545 |
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