China auctions off island
Source: Xinhua |
November 13, 2011, Sunday
|
Print Edition
Print Edition
CHINA auctioned off its first uninhabited island on Friday.
Ningbo Gaobao Investment Co Ltd won the land use rights of Dayangyu Island for 50 years with a bid of 20 million yuan (US$3.2 million).
The island is 300 meters off the coast of Ningbo City, Zhejiang Province, and has an area of 0.258 square kilometers with a coastline of about 3 kilometers.
In China, land is owned by the state. Individuals and businesses can only acquire the rights to use the land.
"Our company plans to invest 500 million yuan to develop the island," said Yang Weihua, Ningbo Gaobao's manager. "We are going to turn the island into a high-end tourism and recreation destination with a focus on yachting."
Hu Zhaohui, an official of the islands management office with the State Oceanic Administration, said the auction represented a good start for the development of uninhabited islands in China.
In April, the government issued a list of 176 uninhabited islands for development. These islands dot the eastern and southern coasts.
China only this year allowed individuals and companies, both domestic and international, to apply for land use rights for uninhabited islands for the purposes of tourism, transportation, storage, fishing and public services.
Ningbo Gaobao Investment Co Ltd won the land use rights of Dayangyu Island for 50 years with a bid of 20 million yuan (US$3.2 million).
The island is 300 meters off the coast of Ningbo City, Zhejiang Province, and has an area of 0.258 square kilometers with a coastline of about 3 kilometers.
In China, land is owned by the state. Individuals and businesses can only acquire the rights to use the land.
"Our company plans to invest 500 million yuan to develop the island," said Yang Weihua, Ningbo Gaobao's manager. "We are going to turn the island into a high-end tourism and recreation destination with a focus on yachting."
Hu Zhaohui, an official of the islands management office with the State Oceanic Administration, said the auction represented a good start for the development of uninhabited islands in China.
In April, the government issued a list of 176 uninhabited islands for development. These islands dot the eastern and southern coasts.
China only this year allowed individuals and companies, both domestic and international, to apply for land use rights for uninhabited islands for the purposes of tourism, transportation, storage, fishing and public services.
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