Economy

Checks on land trades to control prices

(Xinhua)
Updated: 2011-05-31 09:02

BEIJING -- The Ministry of Land and Resources (MLR) said Monday that it will check land transactions completed since the beginning of the year to monitor unusual price fluctuations and prevent rebounds in residential land prices.

Related readings:  China orders check into land expropriation  China's land ministry urges regulating demolitions  More land opened up for affordable housing  Land trade cools in China

Local governments at or above the county level should check land transactions completed since January and report before June 30 about land transactions of unusually high prices, said the MLR.

The MLR previously ordered local governments to submit reports on those lands auctioned with the premium rate exceeding 50 percent and the total value or per square meters prices hitting record highs.

Prices of residential land grew slower in the first quarter of the year amid the country's efforts to tighten the property market. But overall land prices still saw small increases driven by market expectations and inflation concerns.