China cabinet orders govt agencies to improve land use efficiency |
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Published
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Tue, 08 Jan 2008 08:33
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BEIJING (XFN-ASIA) - China's State Council, or cabinet, said it has issued a circular ordering government agencies to undertake measures to improve the efficiency of land use.According to the circular posted on the State Council website, the government asserted the right to reclaim land approved for development which remains idle for more than two years, with developers paying 20 pct non-use fees for land that stays idle between one and two years.The circular also called on agencies with authority over land to pursue large-scale 'scientific' planning for infrastructure, tighten land use approvals in both rural and urban areas and step up the monitoring of land markets.The circular also ordered agencies to stop providing land for high-end residential projects involving villas.The circular reiterated last year's so-called '70-90' rule, which requires urban housing projects to set aside 70 pct of land for affordable units under 90 square meters in size.Financial institutions will also be prevented from lending to projects without adequate land use approvals, the circular added.ivy.cheng@xfn.com-xfnic/xfntmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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