BLACKLIST OF DEVELOPERS

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(1231 CR M21)BLACKLIST OF DEVELOPERS DATELINE: Dec. 31, 2010 LENGTH:00:01:59 PKG INTRO: China's land use watchdog has issued a blacklist of property developers for leaving land idle. It's a new measure taken by the government to curb hoarding and speculation. China Report explains. PKG The Ministry of Land and Resources Thursday released a blacklist of 26 cases of land left idle by developers for at least two years. The ministry asked the local land and resources bureaus to strictly punish the listed companies. Developers who left land idle for more than a year but fewer than two must pay fines. Those who left land idle for more than two years must return it. All the firms on the blacklist will be banned from making new land purchases until the issue is resolved. One parcel in Fujian province's Zhangzhou city, has been left idle since 1993. Some parcels of land in Beijing should have been developed between 2003 and 2005, and those in Shanghai should have been put to use Powered by www.newslook.com Producer : Xinhua News Agency

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