Economy
Real estate firm fined 315 million yuan
By Quan Li (chinadaily.com.cn)
Updated: 2010-05-10 16:59
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A real estate company in Xiamen, Fujian province, was punished by the Ministry of Land and Resources for its idle land, Shanghai Securities News reported Monday.
The company, Xiamen Yuangchang Real Estate Co. Ltd., bought a piece of land by auction in Xiamen in 2007. On April 24 of this year, it received a 315 million yuan ($46 million) penalty for stagnation of construction, far exceeding the deadline, the news reported.
Some experts criticized that land reserve and speculation were the pushing hands of current housing prices. They called for cracking down on those actions and strengthening the regulation of land markets.
