Land hoarding to be curbed

Ministry proposes strict measures to cool off overheated housing market

BEIJING - The Ministry of Land and Resources has unveiled strict measures to crack down on land hoarding in a bid to rein in soaring real estate prices.

Developers must make a 50 percent down payment on all land put up for auction within one month of signing a contract or face the prospect of losing the land along with their deposit, according to a directive issued by the ministry on Thursday.