Apr. 8 – China is working out the details of implementing a model contract for rural land-use rights transfer to regularize farmland-use rights.

The State Administration for Industry and Commerce said that the model will outline the object, time limit, payment, mode and time of payment of the deal in addition to the date of land transfer, rights and responsibilities of both parties, and the liability for breach of the contract.

This will ensure that the land will still be used for agricultural, moreover, covering the rights of both parties of the contract.

Last October, the Communist Party of China announced a policy first when it allowed farmers to lease their contracted farmland or transfer their land-use right to increase operations for farm production. The new policy included an extension of funds for them to start new businesses.

For a more detailed look at China’s property market, refer to China Briefing’s Hot Property issue from October 2006.