GF 323
CONFIDENTIAL
9
機密
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Kong
Up to now, most of the land in the SSEZ was disposed of by administrative means at lower than market prices. Lease periods could be as long as 50 years. For industrial land, the lease was for a 30 year period. So far, two land auctions had been held on an experimental basis. In the first auction, bids could only be made in
Renminbi. However, in the second auction, transactions
(9) could be settled in US dollar
It was said that a
formal land sale system, by means of both auction and tender, modelled on that of Hong Kong would be introduced
in 1989. Mr Liu emphasized that in order to take care of the interests of both local and foreign investors, some of the land lots would be sold for Renminbi while others for US$. This will probably lead to confusion and malpractices, considering that the decision on whether Renminbi or US dollar should be used in the bidding for a certain lot would be arbitrary.
20.
Mr Zhang of the Inward Investment Office said that labour was being brought in from nearby counties to support the expanding industries. On the spot observation suggested that the rapid increase in population had put great pressure on housing and shabby squatter huts, apparently erected by illegal immigrants, were seen on deserted farmland.
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Property in the SSEZ appears to be more expensive than land when compared with their counter-parts in Hong Kong because of lower realised plot ratio in the SSEZ.
On 18 November, another piece of land (the third one so far) was sold by auction in Shenzhen. It was over 4,000 square metres in area and was intended for residential use. The auction price was Rmb 20 million, ten times more than the opening price at the beginning of the auction.
CONFIDENTIAL
機密
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