7-year-old base land price to be updated

The capital's base land price, which has remained steady for seven years despite soaring housing prices, will face its first adjustment since 2002 according to the local government.

The base land price is an average land price made according to its location. It is used as a standard price for land lease, sales or mortgage.

The adjustment announcement was made in an open hearing on Wednesday to gather feedback from 20 delegates of local government, enterprises, institutions and the general public.