Source: CCTV.com

03-03-2008 11:02

Shanghai has launched a city-wide land transaction market, which began operation on Saturday.

Shanghai has launched a city-wide land transaction market, which began operation on Saturday.

The Shanghai Land Transaction Market in Pudong New Area has been introduced to establish a unified, fair and transparent platform for all the city's land transaction services. Its main functions include distributing land information, conducting land bidding and auctioning, as well as offering brokerage services.

All land related deals - such as acquiring, leasing and the transfer and land-development rights are now required to be completed through the market. Previously, such transactions were secured through district and county level centers.

Shanghai introduced its public land transferring mechanism in 2003, with all land transfers required to be conducted through public bidding and auctioning. Preparatory works to set up such a central market began in the second half of 2007 and trials were completed in January this year.

Officials from the Shanghai Land and Resources Administration Bureau say, with the establishment of this market, all land transactions will be conducted in a more transparent and fair business environment.

Editor:Xiong Qu