CHINA says land sales shot up 70 percent last year as the country s land and resources minister warned of social unrest among frustrated Chinese who can t afford to buy a home.
Minister Xu Shaoshi said 2.7 trillion yuan (US$407.24 billion) was spent on land transactions last year, up from 1.59 trillion yuan a year earlier. His comments on Friday were posted on the ministry s Web site. Urban development is becoming more dependent on land transactions, which has triggered an uneven allocation of benefits and social conflicts, Xu said. Xu s comments suggest China may take further measures to cool the property market. (SD-Agencies)
