International Business
From Times Staff and Wire Reports
China Passes Tough Real Estate Law: China has passed its first urban real estate management law, laying down tougher standards for real estate transactions to curb speculation, the official China Securities newspaper reported. The law, passed by China’s parliament and effective on Jan. 1, 1995, says developers who fail to start construction within a year of the launch date agreed in their leasing contract to face a fine of as much as 20% of the leasing fee, the paper said. After two years without development, land-use rights can be withdrawn, the rules say.
