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Cut in minimum land price

CHINA'S Ministry of Land and Resources has announced a 30 percent cut in the minimum purchase price of land for industrial use to help boost investment.

However, the statement on the ministry's Website did not say when the cut would take effect.

The move would "further implement the government's policy of boosting domestic demand and push forward steady and rapid economic development," according to the statement.

The new rule will apply to investments that make intense use of land and those involving the processing of agricultural, forestry, animal husbandry and aquatic products.

The ministry set minimum prices for industrial land use in January 2007 to curb the selling of cheap land-use rights for industrial use to attract investment and seek a higher gross domestic product growth.

The prices ranged from 60 yuan (US$8.77) per square meter in some counties in northwest China's Xinjiang Uygur Autonomous Region to 840 yuan per square meter in the suburbs of Shanghai.

Wang Xiaoying, a researcher at the Chinese Academy of Social Sciences, yesterday said industrial investment had shrunk because of the economic slowdown, which weakened the demand for industrial land.

The national average industrial land price was 721 yuan per square meter in the first quarter, down 1.08 percent from the fourth quarter of last year, and down 1.1 percent year on year, the ministry said.


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