(Yicai Global) Sept. 1 -- Local authorities have been told they need to better regulate the disclosure of information about the stock of land available for residential use as China increases supervision over the real estate market.
The specific location, area and the developer of each residential land project must be made public on the local government website and the locations marked on a map, the Ministry of Natural Resources of China said today. This information needs to be updated at least every quarter.
At present, information about the supply of residential land available to the public and even to property developers is scant, an industry expert told Yicai Global. If the information is better accessible, developers can make more informed decisions when buying land and the public will also have a better reference point when buying houses, he said.
In major cities, unused land amounts to five and a half times the average amount of land sold each year over the last five years. There is a levy on idle land, but it is not high and must lower than the expected appreciation of the land. Keeping land idle directly affects the supply of new housing and can contribute to fluctuations in the real estate market to some extent, the analyst said.
Editor: Kim Taylor