China's land cost accounts for 23.2 percent on average among the overall cost for a residential building, lower than the international average, an official from the Ministry of Land and Resources said on June 23.
"According to the ministry's survey covering 620 real estate projects across different regions, land cost accounts for only 15 to 30 percent, much lower than the 60 to 75 percent in Japan and 50 to 65 percent in South Korea," said Lu Xinshe, vice-minister of land and resources.
Lu made these comments while refuting the argument that China's high property price was prompted by the government's commitment to keep the amount of arable land at 1.8 billion mu (120 million hectares), a baseline to guarantee the country's grain security.
Source:China Daily
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