The Shanghai Urban Planning, Land and Resources Administration Bureau is requiring real estate developers to register all idle land by March 22.
Delayed construction projects or land left idle a year after purchase must be registered as well as approved development projects still pending construction. Real estate companies that do not register will be meted a fine equivalent to 20 percent of the land price if the land is left barren for more than one year but less than two years after purchase. Moreover, land left idle for more than two years will be reclaimed by the government.
The move will give local authorities a more accurate picture of the city’s supply of available land and check against land hoarding. According to E-House (China) Holdings more than 300 plots of land registered for new housing developments have been left vacant for more than two years.
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