Take for instance you are in US and have come across the notion of government-controlled real estate company out of the blue. The new concept may amaze you a good deal, there is hardly any such blending in the realm of market economy. True you are but the same exists in full force in People’s Republic of China, fulgurant emblem of socialist economy, better to say socialist economy with striking and dominating features of capitalism.
Now all this is said since Beijing Dalong Weiye Real Estate Development Company Limited, after large deliberations, has established a local subsidiary with a registered capital of RMB 30 million. It is to be noted, Beijing Dalong Weiye Real Estate Development Company Limited is controlled by the Shunyi District Government of Beijing and its foremost activities include providing property development services. Other activities consist of industrial management, real estate information consultancy and construction materials distribution
The advancement demands lots of kudos as well since in November 2009 the same Shanghai-listed firm had become able to trounce more than a few firms. These included Longfor Properties Co Ltd and the prime objective was to get hold of a piece of land in Tianzhu Airport Economic Development Zone, Shagu Town, Shunyi District, Beijing for RMB 5.05 billion.
Nevertheless, since the company has yet not paid the land transfer payment, it has been suspended from trading in the land market, in accordance with a statement released by Beijing Municipal Bureau of Land and Resources on Jan. 22.
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