In 1988, national policy was changed to allow local governments to raise resources through the property market. The state still owned the land, but it could transfer usage rights. Municipalities put a parcel of land on the market; developers bid for its rights; the winning bidder paid for its long-term lease, usually 70 years. The developer could build on the land or apportion the property and sell off parcels. Given a lack of property taxes or municipal bonds, property transfers became the key to a city’s growth.
The author in front of his home in the Dazhalan neighborhood.
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