Beijing to auction land use rights
( 2003-11-12 21:25) (Xinhua)
The Chinese capital is going to transfer land use rights through auction for
the first time since the country froze the traditional way of transfer by
administrative approval in July 2002.
The auction will take place on Dec. 8 in the International Hotel to auction
off a piece of land in Daxing District in the city's southern suburbs, according
to a Wednesday release of Beijing's land reserve management center.
The release said the land is 308,700 square meters and its use right term on
auction is 70 years for residential use and 40 years for commercial use.
The release said both domestic and overseas enterprises, organizations and
individuals can bid for the land. It noted that any bidder should pay a 20
million yuan (2.4 million US dollars) deposit and the base price will be 430
million yuan (51.8 US dollars).
According to Shen Baochang, a senior official of Daxing District, a number of
companies have shown strong interest in the land. He said auction was a better
way to give away state land use rights, which could help avoid behind-the-scene
transactions and create a better environment for fair competition between
investors.
The land reserve management center will arrange a visit to the land to be
auctioned on Nov. 20, the center's sources said.
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