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Low-priced land transfers banned
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06/04/2001
The central government will not allow local governments to attract foreign investment with low land prices, said an official with the Ministry of Land and Resources.Hu Cunzhi, head of the ministry's land utilization department , said local governments can give subsidies or other preferential policies to investors, but they cannot transfer land at low prices. He revealed that China is formulating and updating an announcement system for basic land prices in urban areas and the work will be finished by 2002. Any land transfers at prices lower than the basic prices announced will be regarded as illegal.
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