A construction site in Beijing. China has announced plans to issue special bonds to support its economy, which has been experiencing a slowdown. AFP File Photo
The Ministry of Natural Resources stated on Monday that China intends to use funds from local government special bonds to intensify efforts in reclaiming and acquiring idle land. This initiative is aimed at invigorating the struggling property market.
Priority will be given to reclaiming residential and commercial land that enterprises are either unwilling or unable to continue developing, as well as land that has been supplied but remains undeveloped, according to the ministry's statement.
Reclaimed land will, in principle, not be made available for real estate development within the same year. The ministry added that strict control on the scale of development would be applied if such development is deemed necessary.
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