Developers with idle land banned from buying more
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Developers with land they've held for more than a year without developing will be forbidden from buying additional plots, the National Business Daily reported Monday.
The Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development issued the notice to tighten the administration and supervision of land supplies, and to crack down on illegal acts and contract-breaching behavior.
The notice also prohibited local governments from supplying land for high end-residential properties before fulfilling their land supply plans for affordable and ordinary residential properties, the report said.
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