Independent Institution to Assist in Reviewing Fund Use
A professional independent reviewing institution was suggested by the city budget committee to help review land fund use. The committee also suggested the implementation of a regulation for management that specifies expenditure standards on land, urban planning and design.
There was a total of 541 hectares of land that the city provided last year, this includes 111 hectares that was allotted for commercial housing construction which earned more than 23 billion yuan. and the city’s expenses on land development was around 20 billion yuan last year.
More than 8 billion yuan was spent last year on compensation for land acquisition, land development, public works and urban renovation, including development in the Qianhai area, airport expansion, Universiade transportation, Metro construction and government-subsidized housing construction.