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CHINA> National
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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.
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. |
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