Six offshore islands under the control of Guangzhou have enlisted for commercial development after recent reforms were announced, according to the Guangzhou government. However, the government also made it clear that these islands would not be allowed to have housing projects built on them – they are for commercial development only.
Earlier this month we reported about the provincial government’s plan to commercialize non-resident islands. But it has been made clear now that these islands are not really “up for sale”. Although individuals and enterprises can apply for land-usage rights on these islands, a strict set of rules and regulations have been put in place to protect them.
The province’s Natural Resources Department has stressed that the islands cannot be used for the purpose of residential real-estate development. Rather, they should be developed for entertainment and tourism-related projects. Other acceptable categories include transportation, industrial storage, or fishery.
OK, then so how much for one of these islands? According to the government, the price will be set based on standards for the usage of non-resident islands drawn up by the Ministry of Finance and the State Oceanic Administration. Actual prices will depend on consideration of the location of the island, purpose of the development and average land prices near the island.
Entertainment and tourism projects will be granted 25-year leases. Charity businesses will get 40 years, aquaculture 15 years.