Shanghai Municipality Convergence of Commodity Residential Premises for Domestic Buyers and Commodity Residential Premises for Foreign Buyers Several Opinions

Issued: June 25 2001

Main contents: The Opinions propose to eliminate the differences between commodity residential premises for domestic buyers and foreign buyers in respect of land use right grant fees and transaction procedures. With exception of certain old urban blocks, land use rights to other land shall be made available to both domestic and foreign developers by invitation for bids and auction (Section One). Restrictions on tenants and buyers of commodity residential premises shall be lifted and transactions shall be conducted on the basis of uniform documents at uniform charges (Section Two). The relevant departments of the government shall formulate implementing rules in respect of invitation for bids and auction for granting of land use rights and operating rules for real property transactions, and these rules shall be put into effect by July and August 2001 respectively (Section Three).
Related legislation: Shanghai Municipality, Grant of Leaseholds Procedures (Revised), May 21 2001, CLP 2001 No.7 p15