Govt issues guideline to boost secondary land market

A guideline to improve China's secondary land market for transfer, rental, and mortgage was recently issued by the State Council.

According to the guideline, different tax policies for urban and rural land use will be explored to promote land use around the country.

Based on existing land transaction platforms, operation of the secondary land market will witness further innovation, which will usher in an integrated transaction platform constructed by local authorities.

Under the guideline, an improved credit system for the secondary land market will also be introduced.

"The guideline will play a crucial role in promoting a healthy development of the secondary land market. It will also benefit the urban and rural land use and contribute to the high quality growth of the economy," Zheng Lingzhi, an official from the Ministry of Natural Resources, said.

China's land market development has been hampered by flawed transaction rules, inconsistent trade information, substandard platforms, and subpar government services and regulations, Zheng said.

To solve these problems and facilitate the circulation of production elements, improvements will be made in a number of aspects under the guideline.

For example, corresponding above-land buildings and other attachments will tag along, once the right of construction land use is transferred.

For rental regulations, local authorities are required to release construction land supply and demand information for regular.

Moreover, they are also required to update market information and guidance based on the analysis of the rental cases and market data.

According to Zheng, further efforts will be made to improve service systems, which will bring convenient and efficient government services for stakeholders, both online and offline.