Shanghai Tackles Chronic Land Lease Issue In Commercial Property

Shanghai Tackles Chronic Land Lease Issue In Commercial Property China’s financial hub Shanghai is seeking to permit land owners to extend leases for commercial property upon expiry, according to a notice seen by Bloomberg News. Shanghai’s planning and natural resources bureau said it will allow land lease extension as long as “a company has such needs,” according to a July 31 internal guideline issued by authorities and seen by Bloomberg. All land not zoned for residential uses are allowed to extend use rights, including office, retail, industrial and tourism plots, the document said.