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December 24, 2009

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Nation Goes On Alert Over Idle Property

CHINA had 10,000 hectares of idle land for housing purposes, about a seventh the annual space assigned to developers, the country's land watchdog said yesterday.

An official from the Ministry of Land and Resources said the central government would continue its crackdown on land accumulation and hoarding or developer speculation.

Developers will be ordered to pay 20 percent of assignment fees they paid for land that sits idle for more than a year but less than two years.

Land idle for more than two years would be repossessed.


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