Shanghai Shops & Apartments Face Ruin! 40-Year Renewal Costs 70%+ of Base Land Value—Pay or Lose All
.
Owners of shops and commercial-use apartments in Shanghai face a major setback. On July 31, the city issued new rules titled, Trial Guidelines for Renewing Land-Use Rights for Industrial and Commercial Projects in Shanghai. The rules state that when the 40-year term for nonresidential land expires, renewal requires a land premium of at least 70 percent of the latest officially assessed benchmark land price. If owners cannot pay or their applications are denied, the state will legally reclaim both the land-use rights and the buildings without compensation.
.
What's Your Reaction?
Like
0
Dislike
0
Love
0
Funny
0
Wow
0
Sad
0
Angry
0
Comments (0)