Beijing to impose unused land toll
14 September 2007
The Ministry of Land and Resources (MLR) announced Thursday that it would begin assessing a 20% toll on land that has been transferred but remains undeveloped, Beijing Morning Post reported (in Chinese). The measure is aimed at discouraging speculation on land. The Ministry has urged local governments strictly implement the toll as soon as possible. Industry experts said the measure will significantly increase the cost for developers to stock up on land and wait for values to rise.