THE special economic zone of Zhuhai has decided to slash land prices for industrial sites by at least 50 per cent in an attempt to attract more foreign investment. Zhuhai mayor Liang Guangda said the city did not reduce the price because of any problem in finding interested parties. Rather, it was a move to speed up its industrialisation, the China News Service reported. Land prices are scaled according to the level of technology used in the project. Industrial projects using high-technology that meets international standards could obtain land for 100 to 150 yuan per square metre (about HK$8.65 to $12.97 per square foot). Using technology that meets national standards would entitle the project to land at 150 to 250 yuan per square metre, while using technology that reaches provincial standards would mean a land price of 250 to 300 yuan per square metre. The use of ordinary technology would boost land prices to between 300 and 400 yuan a square metre. Zhuhai also plans to reduce land prices for commercial property by about 20 per cent. Mr Liang said only through further industrialisation could the city make full use of its infrastructure.