All cities to come under land price supervision

10:04, May 31, 2011      

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The Ministry of Land and Resources has expanded its supervision of land prices to all counties and cities and demanded that "unusual" land transaction cases be reported, after previously requiring 105 cities to report such cases.

The policies took effect on Thursday when the ministry issued a notice on the implementation of a reporting system on unusual land transactions to all provincial land and resources departments, the Shanghai-based First Financial Daily reported on Monday.

The notice requires all county-level land and resources departments to check on local land transactions taking place this year and report missing "unusual" land transaction cases by June 30.

"The policy strengthens the State's control of the land and housing prices and means the ministry will directly supervise land prices in small places," Dong Liming, vice director-general of the China Land Science Society, told the Global Times.

With housing purchase control policies implemented in major cities since September, many investors and real estate developers are looking to second- and third-tier cities for opportunities, causing land and housing prices in these regions to go up, Dong said.

"If authorities do nothing about the rising prices, they will be the same as in big cities, making them unaffordable to more people," he said.

By May 5, the ministry had received 90 "unusual" cases, the First Financial Daily reported.

"The land transaction control policy will not necessarily affect local housing prices," Liu Weiwei, a researcher at the Shanghai-based E-house China R&D Institute, told the Global Times on Monday.

Source: Xinhua
 
 
     
 
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