Date
17 October 2017

Pioneer Chengdu farmer uses land use rights for loan, paper says

A farmer in Chengdu has become the first person in the country to obtain a bank loan with his contracted land use rights as collateral, Economic Information Daily reported Wednesday. Guo Zhaojian pledged the rights to about 8 hectares of land to the Bank of Chengdu in return for a 620,000 yuan (US$101,639) loan, the paper said. The central government has vowed to push forward land reform, give farmers more property rights, and establish a unified land market for urban and rural construction.

– Contact HKEJ at [email protected]

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