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Earth diggers seen at an old neighborhood in the process of being torn down to make room for new developments in Shanghai, China on 13 November 2010.  While China's central government has made repeated attempts to cool the property market, their interests are at odds with those of the local authorities. According to a research by Northwestern University, almost 50% of the Shanghai government's revenues come from land sales, and they have come to rely on that revenue for growth and investment. .
Earth diggers seen at an old neighborhood in the process of being torn down to make room for new developments in Shanghai, China on 13 November 2010. While China's central government has made repeated attempts to cool the property market, their interests are at odds with those of the local authorities. According to a research by Northwestern University, almost 50% of the Shanghai government's revenues come from land sales, and they have come to rely on that revenue for growth and investment. .