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Guangzhou’s land price returns to normal after crackdown on fake prime land
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16:36, August 19, 2009

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On August 18, Guangzhou held its first land auction following the investigation and punishment of a "fake prime land plot." In one day, ten plots of land were auctioned, including four plots of residential land. Not a single new "prime land plot" was created and all land premiums were regarded affordable and reasonable.

The land auction attracted wide attention amid Guangzhou's continuous reporting of the punishment of the problematic prime land plot. Premiums of the four plots of residential land stood at between 27 percent and 150 percent and prices in terms of per unit floorage stood at between 1,956 and 4,652 yuan per square meter.

An expert said that strict supervision has promoted the market to slowly restore rationality.

By the end of July, Guangzhou had retrieved 26.9 square kilometers of idle land and re-auctioned some at relatively higher prices.

The Guangzhou Municipal Bureau of Land Resources and Housing Management said that developers who failed to pay land transfer payments as scheduled have breached contracts, and government authorities have formulated corresponding punishment measures. The land transfer payments of rule-violating developers will be confiscated, land use rights will be reclaimed and they will be fined.

By People's Daily Online

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