The country saw a sharp rise in land transfer revenues in the first three quarters this year, Beijing-based Legal Mirror newspaper reported Tuesday, citing data from the China Index Academy.

Revenues generated from land transfers across the country's 300 major cities hit nearly 2.11 trillion yuan ($345.52 billion), soaring roughly 70 percent from a year earlier, the newspaper report said.

The government's tightened grip on the property market has seemed to be tapering off in the third quarter, according to the report.

Shenzhen in South China's Guangdong Province recorded the biggest gain during the period, with its land transfer revenue climbing 475 percent year-on-year.