Money
Capital tweaks land transactions amid rising prices
By Wu Yiyao (China Daily)
Updated: 2010-03-31 07:52
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Beijing authorities will adjust the bidding, auction and listing of its residential land transactions in April to help address rising land prices, the municipal bureau of land and resources has said.
To that effect, transactions of two pieces of residential land in Mapo, Shunyi district will be suspended and the bidding on a plot of residential land in Doudian town, Fangshan district, will be postponed, the Beijing land rehabilitation and reservation center said.
Bidding for the three plots of residential land was scheduled for April 1.
The decision to suspend and postpone the three residential land transactions was made after a recent request from the Ministry of Land and Resources, said the land and resources bureau.
The capital's bureau of land and resources had reportedly announced a suspension of transactions of high-priced land in real estate hot spots on March 19.
Transactions of residential land this year should not be made before April 10, when plans for the supply of land for residential and indemnified housing projects are announced.
The plans should be submitted to the Ministry of Land and Resources by April 5 and forwarded to local land inspection bureaus.
Beijing has reportedly submitted plans for residential land supply in 2010 covering 2,500 hectares, the National Business Daily reported.
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Beijing also suspended all residential land transactions scheduled before April 10, the land bureau said.
Currently, no residential land is on transaction after the announcement by the municipal land rehabilitation and reservation center on March 29.
Residential land transactions will resume after April 10, the municipal land bureau said. Up to 400 hectares of land scheduled to be transacted in late March will be put onto the market after April 10.
The impact of the delayed transactions and latest changes in land transactions on property prices is still uncertain, real estate analysts said.
It is still too early to see a drop in land prices as more policies are expected to be introduced in the near future, property company Centaline Real Estate's Li Wenjie said.
