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China property developers to be penalized if found hoarding land

Posted on 31 December 2010

From Dow Jones: Chinese companies that haven’t started developing land more than a year after its acquisition will be penalized, while companies that have left land idle for more than two years risk having it confiscated, the Ministry of Land and Resources said in a statement Thursday, as part of the government’s latest efforts to curb rising property prices.
The ministry said its local branches will step up their oversight of hoarding activity, and reiterated that companies found to have been hoarding land will be barred from making bids in land auctions……………………………………….Full Article: Source


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