More than 435,000 square meters of land in Longgang and Bao'an
districts will be reclaimed by the Shenzhen municipal government
after delays in beginning 16 major construction projects.
The decision was made by a government meeting Wednesday morning.
Shenzhen has witnessed a continuous hike in housing prices, partly
caused by a shortage of land.
A regulation requires the government to take back plots of land
purchased by developers if left idle for more than two years, in an
effort to prevent developers from hoarding them, a practice
believed to have aggravated the shortage.
The government has re-examined 369 construction projects
approved in Longgang and Bao'an between 2003 and 2005. Of these,
construction work has begun on 116.
The two districts will urge the companies in charge of 219
projects to complete the necessary certification and finish the
projects before a given deadline.
Firms in charge of the 16 projects that have been canceled will
be given an interest-free refund of their money paid for the land
contracts.
Another 19 projects being re-evaluated will need to submit their
applications to environmental protection and industrial
administration authorities before April 20. Government departments
have been ordered to reject or approve the projects before the end
of this month.
(Shenzhen Daily April 13, 2007)