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Beijing cracks down on land hoarding
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The city of Beijing is stepping up efforts to crack down on land hoarding. The municipal government has suspended some housing developers from purchasing land.
It's also published a list of 19 parcels that have lain idle for more than a year.
The Beijing Municipal Bureau of Land and Resources has suspended eight property developers from land auctions. A bureau statement says these developers either haven't paid back land prices or failed to sign a land transaction contract on schedule.
Back in December, the bureau said it would take action to prevent developers from hoarding land. Those who failed to fulfill land transaction requirements would be not be allowed further purchases.
The bureau has also published a list of idle land. 19 parcels were delivered to developers before the end of 2008, but nothing has been done with them. Many of the plots set record prices at auction.
The land authority said it will take various approaches toward the idle land.
If left unused for official reasons, the bureau will coordinate with relevant departments to help the projects get started as soon as possible.
But if it's the fault of the developers, the bureau will suspend them from land auctions until the land is developed.
Strengthening supervision on land projects
The bureau also published all land projects that were transacted in 2009 and set for residential use. It called on both authorities and the public to keep an eye on these projects.
Insiders say the measures are warning developers against blind land purchases. This should speed up supply of commercial housing. And this in turn would turn help rein in and stabilize housing prices.
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