BEIJING—The Chinese regime’s revenue from land sales slumped for a fourth month in October compared with year-ago levels, as cash-strapped developers moved cautiously on land buying after tighter regulatory curbs on new borrowing were established. The value of government land sales in October declined 13.14 percent from a year earlier to $89.90 billion, after suffering a drop of 11.15 percent in September, according to Reuters calculations of data released by the finance ministry on Friday. Many developers, including China Evergrande Group, have grown desperately short of cash since authorities last year unveiled the “three red lines”—a policy of Chinese leader Xi Jinping—that imposes limits on liabilities-to-assets, net debt-to-equity, and cash-to-short-term borrowing ratios. Poor demand among developers at urban land auctions risks squeezing regional finances, and pressuring local governments to scramble for other income to fund investment, including the issuance of more bonds that increase their debt obligations, say some analysts. …