China to step up idle land reclaim to support property market

BEIJING (Reuters) – China plans to utilize funds from local government special bonds to increase efforts to reclaim and acquire idle land, a move aimed at stimulating the struggling property market, the Ministry of Natural Resources said on Monday (NASDAQ:MNDY).

Priority should be given to reclaiming residential and commercial land that enterprises are either unwilling or unable to continue developing, as well as land that has been supplied but not yet developed, the ministry said in a statement.

Reclaimed land will not be made available for real estate development within the same year in principle, it said, adding that strict control on scale would be applied if development is necessary.