Xinhua News Agency

Shenzhen land auction

PUBLISHED : Wednesday, 29 April, 1998, 12:00am
UPDATED : Thursday, 11 June, 2015, 4:10pm

Shenzhen is to hold its first land auction in more than five years. On May 20, the city will auction two lots, one residential and one commercial, covering a total of 50,818 square metres, according to Xinhua (the New China News Agency).

The two sites are part of an eight-lot area of 229,900 sq m the city plans to auction this year.

Shenzhen pioneered the sale of mainland land-use rights in 1987 but sales were halted by the austerity campaign in 1993. The city had strengthened legislation governing real-estate, adopting new rules in February, Xinhua said.