HAINAN Island has taken a lead in formulation of codes to promote smooth development of the land market.
Its regulations, drawn up over the past six years, covered south China's largest special economic zone, (SEZ), said an official from the Provincial Bureau of Land Management.
Under the regulations, in six years, the use rights to 13,300 hectares of land have been sold or transferred, for a total of two billion yuan (about HK$1.81 billion).
Soon after Hainan became a province in 1988, a set of regulations was established under which the right to use state-owned land was allowed to be transferred, leased and mortgaged.
Another set of regulations on sale and transfer of SEZ land-use rights was worked out, with the responsibilities and rights of both sides of a land contract outlined in detail.
This year more regulations were formulated for resettlement of residents whose land was requisitioned, and codes were added to govern auctioning of land-use rights.
