Land bidding needs to be strictly monitored nationwide
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Local governments across China should continue to implement strictly tightening measures to curb property speculation and monitor closely an increasingly overheated land bidding market in some parts of the country, the land regulator has said as it vowed to keep land prices reasonable.
Local land authorities should always be alert to monitoring property market movements and spare no effort in curbing excessive land price increases, the Ministry of Land and Resources said in a statement posted late Sunday on its website.
For land parcels sold over 50 percent above their starting prices, or plots auctioned for new highs in total price or per GFA (gross floor area) price, local governments are required to report to provincial land authorities and the ministry within two working days after the deal is confirmed, according to the statement.
Local land authorities should also control the pace of land releases and try their best to prevent extremely high prices during land biddings.
The ministry also emphasized that lands designated for affordable housing development are not allowed to be changed under any circumstances for other uses and any violation of the rule will lead to confiscation of the plot by the government.
A latest research released by Shanghai Centaline Property Consultants Ltd found that during the first 16 days of this month, land parcels in 12 major Chinese cities were auctioned 61 percent above their starting prices on average, the highest since late September.
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