On March 22, the Ministry of Land and Resources put a temporary ban on sales of land for residential purposes, requiring local authorities to refrain from selling land for residential purposes until this year’s housing land supply plan is released in early April.
Xiaosu Yun, Vice-Minister of Land and Resources, said in a conference on March 22 that, in order to effectively control the land and housing price, the Ministry and local land and resources authorities should make sure that 70 percent of the overall land supply for residential purpose is for low-income housing projects, sanity units' renovations and small and mid-sized residential units development.
In a notice issued by the Ministry of Land and Resources on March 11, a contract has to be completed and signed within 10 days after a land auction, and a 50% deposit has to be paid within one month after the contract is signed. The notice also sets minimums for land price and deposit for land auctions, and penalties for violating it.
