[photopress:cultivated_1.jpg,full,alignright]A new circular on enhancing land management issued by the State Council on September 5 said that land use is to be restricted. According to an International Finance News report such a move is widely expected to drive prices up by as much as 50 percent. However, minister of land and resources, Sun Wensheng, said that such potential price hikes are still within manageable limits.
The per capita amount of cultivated land in China is now less than 40 percent of the world average. According to Sun Wensheng, land prices in China can be categorized as follows: acquisition costs, including compensation for requisitioned land; investment or development costs; and government profits, made up of land-use fees, taxes levied for the utilization of cultivated land and other similar charges.
Gan Cangchun, director of the policies and regulations department under the Ministry of Land and Resources, indicated that the new measures will boost all three categories of pricing by up to two times.
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