From Interfax:
More than 60% of all recent land deals in China are illegal, while the figure is as high as 90% in several cities, the central government said in a report yesterday calling for a prompt investigation into developers and local governments.
In a warning posted on its website Wednesday, the Ministry of Land and Resources said any land licenses without its formal approval are invalid. The ministry, which supervises the country’s land use, said more than 60% of land deals since September 2004 were illegal, the state-owned Xinhua News Agency reported Tuesday.
The statement came following a new government report that said RMB 1.8 trillion (USD 222 bln) was invested in fixed asset investment in cities and towns in the first four months of 2006, of which most was in the real estate industry. [Full text]
