Shenzhen land auction
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.