Shanghai to Expand Role of Public Auction in Land-use Right Deals

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Last updated at: (Beijing Time) Monday, November 11, 2002

Shanghai to Expand Role of Public Auction in Land-use Right Deals

Shanghai, one of the biggest cities in China, will expand the role of public auction in transferring land-use rights as of 2003.

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Shanghai, one of the biggest cities in China, will expand the role of public auction in transferring land-use rights as of 2003.

A leading official with the Shanghai Municipal Housing and Land Resources Bureau said that beginning next year the transfer of rights must in principle be done through public auction if the land is earmarked for commercial purposes.

The official said the move was designed to create an open and fair environment for overseas and domestic investors.

Shanghai put 16 pieces of land, totaling nearly 70 hectares, upfor auction last week.

The city began to introduce public auctions to transfer land-use rights as of July 1, 2001, and by the end of September had auctioned off the rights for a total of 1,001 hectares of land.

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