China reassures homeowners worried about land rights

Beijing

CHINA has clarified for the first time a closely watched issue of land rights that has caused uncertainty for the millions of Chinese who park their wealth in their homes.

Chinese officials said a group of homeowners in Wenzhou, an eastern city, would not have to pay a fee to extend the rights to the land under their residences. Homeowners in China own their dwellings but not the land under them. All land in China is owned by the government, which parcels it out to developers and homeowners through 20 to 70-year leases.