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China to charge additional fees for land reserves

(chinadaily.com.cn)
Updated: 2009-09-29 13:46

The State Council, which functions as China's Cabinet, announced Sunday that real estate developers who purchase land but do not develop it will face fines, the Chongqing Evening News reported today.

Related readings:  Ministry to investigate misuse of land reserves  Land use reform is most crucial  Land auction sizzles with record bid  Land campaign needs proper back-up  China Overseas Land's property sales double in July

Land purchased but left unused for two years can be taken back with or without compensation to be repurposed according to the law. Developers who leave land undeveloped for more than one year but less than two could face fines of up to 20 percent of the price they paid for the land. The Ministry of Land and Resources will also charge added-value fees to land reserved by developers, the report said.

Wang Xuesong, the general manager of a Chongqing-based real estate developer, said that because land reserves are cheap, many developers will purchase land at relatively low prices and keep it undeveloped until its value has risen and they can make more money. Some developers also purchase too much land and therefore do not have enough money to develop what they have, which also lead to unused land reserves.

The new regulations are designed to counter these problems, an industry insider said.