Local governments encouraged to use funds from special-purpose bonds to acquire idle land

BEIJING - Local governments are encouraged to use funds from special-purpose bonds to reclaim and acquire idle land to promote the stable and healthy development of the property market, according to a statement published Monday on the website of the Ministry of Natural Resources.

Using such funds to reclaim and acquire idle land is also a key measure to reduce the scale of market land stock and enhance the liquidity of local governments and enterprises, the statement said.

Local governments should prioritize the reclamation and acquisition of residential and commercial land that enterprises are unable or unwilling to continue developing, as well as land allocated for construction that has not yet commenced, it said.

In principle, the land reclaimed and acquired will not be supplied for property development in the same year. If there is a genuine need, the scale should be strictly controlled, and the supply area should not exceed 50 percent of the total area of property land reclaimed and acquired in that year.

The utilization of funds from special-purpose bonds for the reclamation and acquisition of idle land involves multiple departments and presents challenges in coordinating interests. Natural resources authorities at all levels should strengthen communication and coordination with relevant departments to form synergistic efforts, the statement said.