Government ends monopoly on residential land policies
Minister of Land and Resources says new rules will allow developers to turn lands they have acquired into residential land
The Chinese government will no longer be the monopolist of residential lands. Neither will real estate developers be the only provider of new homes, Yicai.com reported.
The Minister of Land and Resources, Jiang Daming, said the government is working on new policies to allow non-property developers to turn land that they have acquired for the right of use into residential land.
Meanwhile, the government is planning to use rural collective construction land to build up rental housing.
By relaxing the land supply of residential housing, the government aims to establish a multi-agent supply of commercial and rental housing.
Previously, real estate developers had to purchase state-owned land from the government before they could develop and sell their housing projects.
The land had to be state-owned — even collective land in rural areas had to be levied as state-owned before it could be sold.