E. China City Moves to Regularize Land Market

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Last updated at: (Beijing Time) Tuesday, June 10, 2003

E. China City Moves to Regularize Land Market

Hangzhou, one of the most scenic cities in China, is moving to bring the fevered land market under the governance of law, in order to stabilize the skyrocketing price of land plots.

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Hangzhou, one of the most scenic cities in China, is moving to bring the fevered land market under the governance of law, in order to stabilize the skyrocketing price of land plots.

A press conference was held last Thursday by the city government to announce that the standing committee of the municipal people's congress had approved the regulations on the administration of land. The local law goes into effect on Aug. 1.

Since 1999, when the city government adopted unitary open bidding for land plots, the price of land has been climbing. Prices have reached as much as 18 million yuan (about 2.17 millionUS dollars) per mu (one hectare is equivalent to 15 mu).

The city government hoped that the law would help curb irregularities in land trade and prevent the loss of state-owned properties.

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