The Beijing government has tightened rules on land auctions to speed up payments from property developers, the Beijing Business News reported Wednesday, citing a notice on the government website. Under the new rules which took effect from October, property companies that fail to pay land construction compensation on schedule will be disqualified from bidding for land until the payment is completed. Companies that are overdue in their payments for more than 90 days will be listed in a negative credit profile, and such firms, including their subsidiaries, will be suspended from land bidding activities, the report said. The move comes amid growing enthusiasm among developers to acquire land as property prices increase, it added.
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