Economy

Beijing's new policy against land hoarding

By Yan Weijue (chinadaily.com.cn)
Updated: 2010-06-23 12:56

A new policy is expected to be issued in Beijing against property developers who hoard land, according to sources from the Beijing bureau of land and resources cited by Beijing Business Today on Wednesday.

The act is also aimed at supervising and urging developers to increase the speed of property development.

In May this year, the bureau said developers who had not begun construction on purchased land they owned for more than one year should report the reason behind the delay.

The developers' act of land hoarding comes at a time when 147 buildings in Beijing witnessed no sales in the first ten days of June. Experts speculate the developers try to control the real estate market as a way of curbing the decrease of the housing price.